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UniCredit, Intesa partner with KKR on loan restructuring

Italy's two biggest banks, Intesa Sanpaolo and UniCredit, have signed a deal with US private equity firm KKR and restructuring adviser Alvarez & Marsal to create a vehicle for restructured loans, a statement said on Tuesday. An agreement to "jointly develop and implement an innovative solution" has been signed and talks on the details of the new partnership are ongoing, the four said in a joint statement.

Intesa Sanpaolo reports huge loss, boosts balance sheet

Italian bank Intesa Sanpaolo reported a net loss of 4.55 billion euros for 2013 on Friday, after huge asset writedowns to strengthen its balance sheet in readiness for stress tests. The bank, the second-biggest in Italy, turned in a net loss of 5.19 billion euros ($7.1 billion) in the last three months of the year. That was caused by a charge for writedowns of 5.797 billion euros. Excluding the effects of these asset depreciations, the outcome for the year was a profit of 1.218 billion euros, and for the last quarter a profit of 578 million euros.

Early morning bomb damages Budapest bank branch, no one hurt

BUDAPEST (Reuters) - A bomb blew up at a Budapest branch of the Hungarian CIB Bank in the early hours of Monday morning, but police said no one was injured. The device went off shortly after 4 a.m, police said. A Reuters camerawoman on the scene saw some damage to the building. "Based on preliminary data, the explosion was caused by an explosive device of unknown structure and substance," police said in a statement. CIB Bank is a unit of Italy's Banca Intesa. A CIB spokeswoman declined to comment.

Bomb rocks Budapest bank, no injuries

A bomb exploded early Monday at a branch of an Italian-owned bank in the Hungarian capital Budapest, demolishing the facade but causing no injuries, police said. The explosion smashed windows in the area of the branch of CIB Bank, which is part of the Italian Intesa Sanpaolo group, and was heard over a kilometre away. Police have refused to comment on media reports of accounts by local residents of a motor cyclist leaving a package at the building just before the explosion. pmu/lc

Explosion rocks Budapest bank branch

A bank branch in Budapest was rocked early Monday by an explosion which eyewitnesses said may have been a package bomb, Hungarian media reported. The dawn blast caused no injuries according to police but demolished the facade of a branch of CIB Bank (part of the Italian Sanpaolo Intesa group) close to central Budapest. Police have so far refused to comment on media reports of accounts by local residents of a motor biker leaving a package at the building just before the explosion. The explosion smashed windows in the area and was heard over a kilometre away.

Intesa Sanpaolo rules out investment in Monte Paschi

MILAN (Reuters) - The head of Intesa Sanpaolo <ISP.MI> said on Wednesday Italy's biggest retail bank was not planning to invest in troubled peer Banca Monte dei Paschi di Siena <BMPS.MI>, which is set to carry out a 3 billion-euro capital increase next year.

Italian economy shrinks for ninth time: official data

The Italian economy, the third-biggest in the eurozone, contracted by 0.1 percent in the third quarter in the ninth showing of such shrinkage in a row, initial official data showed on Thursday. The contraction compared with output in the previous quarter, but the data also showed that over 12 months the economy shrank by 1.9 percent. Italy has pulled away from deep political crisis but is still going through a period of big structural reforms to tackle a debt mountain and raise efficiency.

Intesa Sanpaolo 3Q profits plunge by almost half

Italy's Intesa Sanpaolo on Wednesday reported its net profits plunged 47.3 percent to 218 million euros ($292 million) compared to the third quarter in 2012, though analysts had expected worse. The results show choppy economic waters are having a negative effect on Italy's banking system. "In the first nine months of 2013, the group's results reflected a challenging economic environment and the adoption of a particularly rigorous and conservative stance aimed at further reinforcing a rock solid balance sheet," the bank said in a statement.

Intesa Sanpaolo needs no more provisions for Tassara Group

MILAN (Reuters) - Italian bank Intesa Sanpaolo <ISP.MI> said on Monday it does not believe it needs to make more provisions for loans to the struggling Carlo Tassara Group, the holding company for financier Romain Zaleski. Intesa Sanpaolo set aside 430 million euros ($581 million) of its overall exposure to the Carlo Tassara Group as of June 30, the bank said in a statement.

Italian judge drops Intesa Sanpaolo tax probe: source

MILAN (Reuters) - An Italian judge has dropped an investigation over alleged tax irregularities at Intesa Sanpaolo <ISP.MI>, which had also involved the bank's former CEO Corrado Passera, a source with direct knowledge of the matter said on Thursday. The source, who declined to be named, said the judge had shelved the case because the allegations were groundless and after a request by the prosecutor to do so.
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