Italy

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Monte Paschi Rises 5% After Bad Loan Sale

Shares in Monte dei Paschi di Siena rose more than 5 per cent after the boutique fund Quaestio bought a chunk of bad loans from the bank for around €800m. Milan-based Quaestio said it had bought around 95 per cent of a tranche of €25bn non-performing loa ...

Daily Headline - global.abi.org - 01/10/2018 - 22:08 - 0 comments

Italian Hat Maker Borsalino Faces Liquidation After Court Decision

One of the world's most famous hat makers, Borsalino, whose stylish fedoras and straw panamas are popular with movie stars and celebrities, faces liquidation after a rescue plan was rejected by an Italian court on Monday, the International New Yor ...

Daily Headline - global.abi.org - 12/18/2017 - 22:24 - 0 comments

Ex-BT Italy Boss Wins $2 Million for Wrongful Dismissal

A manager at the center of investigations into an accounting scandal at British Telecom’s Italian business has been awarded almost 1.8 million euros ($2.1 million) in damages for wrongful dismissal, three legal sources said on Wednesday. Gianluca Cimini ...

Daily Headline - global.abi.org - 12/06/2017 - 22:30 - 0 comments

Is This the Silver Bullet for Italy's Bad Loan Problem?

The answer to cleaning up bad loans still weighing down Italian banks may lie in a controversial proposal that would allow lenders to sell their debt at deep discounts without being forced to hold more capital, Bloomberg News reported. European Parliamen ...

Daily Headline - global.abi.org - 12/06/2017 - 22:31 - 0 comments

Italy's Bad Loan Scheme Poised to Deliver After Long Gestation

A complex scheme Italy conceived to help the country's banks offload their bad loans seems ready at last to deliver on its potential, as the lenders fight their way through a mass of practical problems, the International New York Times reported ...

Daily Headline - global.abi.org - 12/06/2017 - 00:43 - 0 comments

Comprehensive reform of Italian insolvency law gets under way

In Italy a comprehensive and systematic reform of insolvency law is pending, following approval by the Italian Senate (Senato della Repubblica) on 11 October 2017 of the “disegno di legge n. 2681”, which confirmed the draft law (legge n. 3671bis) passed ...

Resource Article - twallace@abiwor... - 11/22/2017 - 10:37 - 0 comments - 0 attachments

Carige Investors Agree to Back Share Sale

Banca Carige SpA reached agreement with a group of banks to underwrite a share sale of about 500 million euros ($590 million) after key investors pledged their support, allowing the lender to proceed with its restructuring plan, Bloomberg News reported. ...

Daily Headline - global.abi.org - 11/19/2017 - 23:30 - 0 comments

Comprehensive reform of Italy’s bankruptcy laws

On October 11, 2017, the Italian Parliament passed a law (the “Reform Law”), which authorizes the Government to introduce a sweeping reform of Italy’s bankruptcy legislation (which dates back to 1942 but was subject to significant amendment in recent yea ...

Resource Article - twallace@abiwor... - 11/08/2017 - 10:41 - 0 comments - 1 attachment

Senior management responsibility in banks

Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ s ...

Resource Article - twallace@abiwor... - 11/08/2017 - 09:02 - 0 comments - 0 attachments

Italian Services Sector Reports Worst Growth In a Year

down from September’s 53.2 and below analysts’ expectations in a Reuters poll of a 53.0 reading. A ...

Daily Headline - global.abi.org - 11/06/2017 - 22:19 - 0 comments

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