Combining UniCredit’s Italian business with a local bank could free CEO Jean Pierre Mustier’s hand for deals abroad, writes LJucca:
UniCredit on Aug. 6 reported underlying net profit of 0.5 billion euros in the second quarter of 2020, nearly half the sum it earned in the same quarter of the previous year. The lender confirmed its 2021 goal for an underlying net profit of between 3 billion euros and 3.5 billion euros.
In a call with analysts, Chief Executive Jean Pierre Mustier ruled out boosting the bank’s market share in Italy through domestic M&A, adding that such a transaction would only add branches and bad debt. He reiterated his preference for share buybacks. Intesa Sanpaolo said on Aug. 3 that just over 90% of UBI Banca’s shares had been tendered in its share-and-cash takeover offer for the smaller rival.
Intesa expects annual synergies of 700 million euros from the bank deal, of which 510 million euros are cost savings. The bank also said it would use 2.8 billion euros of negative goodwill generated from the transaction to cover integration costs and additional loan loss provisions.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Week into NBA restart, the good, bad and indifferent in the bubbleWhile some teams have risen to the occasion and are playing in top form, others are struggling to find their game as the playoffs loom.
Weiterlesen »
15 DIY Backyard Games Your Kids Will Never Get Sick of PlayingIf you feel like the first half of 2020 has been the longest six months of your life, you probably aren't alone. And if you have run out of ideas to entertain
Weiterlesen »
England to take on Italy on October 31 in final round of Six NationsEngland has a chance to win the championship after organizers released dates for the four remaining matches postponed since March because of the coronavirus pandemic.
Weiterlesen »
Take Your Summer Drinking to the Next Level with These 4 Soda BrandsWhether you drink them straight or turn them into cocktails, these cans (and bottles!) provide a fresh alternative to your party cooler classics.
Weiterlesen »
Fact check: Dr Pepper shortage? No. But aluminum can shortage may be behind lack of supplyThe claim: There is going to be shortage of Dr Pepper due to the coronavirus, and the bottling company has shut down. Our rating: Partly false
Weiterlesen »
Facebook Removes Trump Video Post Where He Makes False Coronavirus Claims (Again)Trump wants schools to reopen, so guess which direction his great strategic mind is pointed.
Weiterlesen »