Search

The article talks about how the slow pace of exit of European lenders operating in Russia since the Ukraine invasion has forced the European Central Bank (ECB) to press these banks to hasten there departures. Cited are the worry of ECB that the lenders' presence in Russia would expose them to U.S. sanctions and heavy fines, the hefty profits earned by lenders that continue to operate in Russia, and the difficulty faced by banks in executing a final exit.

French bank stocks, including BNP Paribas SA, Societe Generale SA, and Credit Agricole SA, experienced declines due to fears of a potential government crisis in France. Prime Minister Michel Barnier faces a possible no-confidence vote, which could lead to a government collapse. This political uncertainty has caused investor concerns, widening the spread between French and German bonds. French financial stocks are considered sensitive to this spread, and investors have been cautious in light of the ongoing political instability. [Extracted from the article]

France's banking stocks have declined due to a political standoff impacting French bond risk levels, reminiscent of the euro-area debt crisis. Major French lenders like BNP Paribas SA, Societe Generale SA, and Credit Agricole SA have experienced significant drops in their stock prices. Investor concerns over the potential collapse of the French government and widening bond spreads between France and Germany have contributed to the negative outlook on French financial markets. The situation is exacerbated by the upcoming no-confidence vote in the French government, with implications for the country's financial stability and credibility with investors. [Extracted from the article]

(Bloomberg) -- Banco BPM SpA said the takeover bid it has received from UniCredit SpA wasn't agreed in advance and isn't in line with its performance.The deal terms offered by UniCredit "do not in any way reflect the profitability and the further potential for value creation for Banco BPM shareholders," it said in a statement on Tuesday.UniCredit disclosed an all-stock bid on Monday that offers 0.175 UniCredit share for each Banco BPM share.©2024 Bloomberg L.P.By Steven AronsReported by Author [Extracted from the article]

UniCredit SpA informed the Italian government and Banco BPM SpA Chairman about its intention to make a takeover bid for its smaller rival before announcing the move. UniCredit's CEO, Andrea Orcel, had a call with Banco BPM's Chairman to inform him about the upcoming unsolicited all-share bid. This move by UniCredit is part of Orcel's strategy to evaluate strategic options and consider mergers and acquisitions that add value. The bid is seen as a way for UniCredit to expand in the Lombardy region and enhance its business segments. [Extracted from the article]

(Bloomberg) -- UniCredit SpA said Monday it has started a bid to take over domestic rival Banco BPM.The lender "hereby gives notice of its decision taken on 24 November 2024 to launch a voluntary public exchange offer" for all of the ordinary shares of Banco BPM, it said in a release.©2024 Bloomberg L.P.By Steven AronsReported by Author [Extracted from the article]

UniCredit SpA CEO Andrea Orcel has ruled out the possibility of moving the company's headquarters to Germany if it acquires Commerzbank AG. Orcel emphasized UniCredit's pride in being based in Milan and stated that discussions about relocating the headquarters could prompt other countries to make similar requests. Despite potential opposition from the German government, UniCredit is considering acquiring Commerzbank, with Orcel affirming that any takeover would not impact the company's planned investor payouts. [Extracted from the article]

DNB ASA CEO Kjerstin Braathen expressed interest in pursuing more mergers and acquisitions, particularly in Norway, following the recent acquisition of Carnegie Holding AB. Braathen emphasized the need for stronger financial institutions in Europe to compete with US banks. DNB aims to increase fee income and adjust its financial goals in anticipation of rate cuts in Norway. Braathen remains optimistic about Norway's economic outlook, citing expected growth in consumption and wages. [Extracted from the article]

A new force in Italian banking is emerging as Banco BPM SpA acquires a 5% stake in Banca Monte dei Paschi di Siena SpA, with the Italian government selling most of its remaining stake. Banco BPM's move, along with a recent takeover bid for Anima Holding SpA, could create an investment firm overseeing €220 billion in assets. The resurgence of Monte Paschi, the world's oldest lender, after years of restructuring and nationalization, marks a significant step towards Italy's plan to establish a lender with scale comparable to UniCredit and Intesa. The stake sale, primarily to Italian investors, signals a potential shift in the Italian banking landscape. [Extracted from the article]

(Bloomberg) -- Banco BPM said it purchased a 5% equity stake in Banca Monte dei Paschi di Siena S.p.A."The acquisition of a stake in MPS by Banco BPM is part of the broader context of the voluntary public tender offer on the entire share capital of Anima Holding SpA," it said in a statement Wednesday.©2024 Bloomberg L.P.By Steven AronsReported by Author [Extracted from the article]

Italy's government sold a 15% stake in Banca Monte dei Paschi di Siena SpA for about €1.1 billion, with Milan-based Banco BPM SpA acquiring 5% of the placement. Italian Finance Minister Giancarlo Giorgetti highlighted the move as part of a broader effort to strengthen the shareholder base and continue the restructuring of Monte Paschi, which was nationalized in 2017. Banco BPM's acquisition is linked to a larger public tender offer on Anima Holding SpA, with Banca Akros serving as the global coordinator and bookrunner for the placement. [Extracted from the article]

The German government stated that it would not be able to prevent a potential acquisition of Commerzbank AG by UniCredit SpA due to the bank's public listing and diversified shareholder base. While Germany could block a full takeover as it owns 12% of Commerzbank, UniCredit is considering acquiring the Frankfurt-based lender to create a larger institution. The German government has criticized UniCredit's approach and expressed opposition to a hostile takeover, with UniCredit's CEO indicating a decision may take up to a year and emphasizing the importance of convincing all stakeholders, including the government, of the benefits of the merger. [Extracted from the article]

Germany's new finance minister, Joerg Kukies, criticized UniCredit SpA for its aggressive tactics in acquiring a stake in Commerzbank AG without cooperation, calling it an inappropriate approach. UniCredit's potential takeover of Commerzbank has sparked controversy, with German officials denouncing the move and pausing further share sales. UniCredit CEO Andrea Orcel defended the bank's actions, stating that they had informed the German government of their interest in Commerzbank beforehand. [Extracted from the article]

UniCredit SpA stated that acquiring Commerzbank AG would not lead to a loss of clients, countering arguments against the potential merger. UniCredit believes that their operations in Germany complement Commerzbank's and that the merger would pose minimal concentration risks. Commerzbank's CEO, Bettina Orlopp, expressed skepticism about the deal, citing concerns about revenue loss due to overlapping client bases. UniCredit is considering a takeover of Commerzbank and may sell its stake for a profit if deemed necessary. [Extracted from the article]

UniCredit SpA stated that acquiring Commerzbank AG would not lead to a loss of customers, countering arguments against the potential deal. The Italian bank believes that its current operations in Germany complement those of Commerzbank and that a merger would present minimal concentration risks. UniCredit also suggested that the transaction could improve service levels. Commerzbank's CEO expressed doubts about the deal's benefits, particularly regarding potential client attrition. [Extracted from the article]

Societe Generale SA's CEO, Slawomir Krupa, has made significant leadership changes in the French retail business following a period of disappointing performance. Several top managers, including the Deputy CEO and CFO, are stepping down as the company aims to recover from wrong-way interest rate hedges. The restructuring is part of a larger strategy overhaul focused on boosting capital levels, with the latest changes targeting the domestic retail division. Despite initial investor skepticism, third-quarter results show signs of improvement, with shares of the lender rising as a result. [Extracted from the article]

Societe Generale SA's CEO, Slawomir Krupa, made significant changes to his leadership team, with Deputy CEO Philippe Aymerich, CFO Claire Dumas, and French retail banking head Marie-Christine Ducholet stepping down. Pierre Palmieri is now the sole deputy CEO, and Leopoldo Alvear will join as the new CFO. Krupa aims to boost the bank's turnaround plan, especially after French retail banking faced challenges due to wrong-way interest rate hedges. Despite initial struggles, SocGen's shares have rebounded, indicating potential improvement in the future. [Extracted from the article]

(Bloomberg) -- Societe Generale SA is revamping its top leadership, with Deputy Chief Executive Officer Philippe Aymerich and Chief Financial Officer Claire Dumas relinquishing their roles.The lender announced the changes in a statement on Thursday along with third-quarter results.SocGen appointed Leopoldo Alvear as new CFO, effective January 7.©2024 Bloomberg L.P.By Steven AronsReported by Author [Extracted from the article]

European governments, including Greece, Ireland, Italy, the UK, and Germany, are selling their stakes in banks that they acquired during the financial crisis. Greece has been particularly successful in selling its bank holdings, earning €3.5 billion in the last year and returning the sector to private ownership. The sale of these stakes is driven by the desire to fill budget deficits and take advantage of high valuations before interest rates decrease. This process may lead to banking consolidation and reshape the industry, with some banks becoming takeover targets. The governments are unlikely to fully recoup the money spent on bailouts, but the window for disposals is currently open. The cleaning up of balance sheets and higher profits have made Greek and other southern European banks attractive to foreign investors. Italy is also benefiting from the sale of bad loans, and the government wants Banca Monte dei Paschi di Siena to play a role in domestic consolidation. Spain has seen a series of mergers as the government sells off banks and their assets that were bailed out during the real estate crash. Overall, countries that had bankrupt banking systems a decade ago are now seeing their banks regain strength and attract investors. [Extracted from the article]

Commerzbank AG is expanding its wealth management services for ultra-rich clients in an effort to increase fee income and defend against a potential takeover by UniCredit SpA. The bank is creating a division specifically for family offices and ultra-high-net-worth clients, with additional teams being added in Hamburg and Stuttgart. Commerzbank's move comes as other banks, such as JPMorgan Chase and Deutsche Bank, also focus on expanding their wealth management offerings in Germany. Acquisitions in the wealth management sector have also been on the rise, with BNP Paribas and ABN Amro Bank making recent purchases. [Extracted from the article]

A growing number of German experts are expressing support for a potential acquisition of Commerzbank AG by UniCredit SpA, putting pressure on the government to reconsider its stance. Experts argue that a merger with another European bank could help Germany's banks become more reliable partners for small- and medium-sized companies. UniCredit has rapidly acquired a 21% stake in Commerzbank and has suggested a full takeover, which could make it Germany's largest lender. However, the German government has opposed the deal due to concerns about Commerzbank's role in funding the domestic economy. Labor unions representing Commerzbank staff are also against the acquisition, as it could put many jobs at risk. Some German businesspeople and Moody's analysts believe that a deal could benefit UniCredit by improving its creditworthiness and increasing its international diversification. However, S&P Global Ratings has warned that the acquisition could put pressure on Commerzbank's credit ratings. Some German experts agree with UniCredit's CEO Andrea Orcel's views on the need for consolidation and increased productivity in the European financial market. [Extracted from the article]

BlackRock CEO Larry Fink has called for Europe to further unify its banking market, emphasizing the need for a stronger capital markets system. Fink refrained from commenting on the potential merger between Commerzbank and UniCredit, as BlackRock is a shareholder in both banks. UniCredit recently acquired a 21% stake in Commerzbank, causing tension with the German government, which owns 12% of Commerzbank. Analysts suggest that a merger between the two banks is the most likely outcome. Fink expressed his support for a banking and capital markets union in Europe. [Extracted from the article]

BlackRock CEO Larry Fink has called for a more unified banking market in Europe, emphasizing the need for a stronger capital markets system. Fink refrained from commenting on the potential merger between Commerzbank AG and UniCredit SpA, as BlackRock is a shareholder in both banks. UniCredit currently holds a 21% stake in Commerzbank and has not ruled out a full takeover. BlackRock, with over $10 trillion in client assets, is one of the largest investors in both banks. [Extracted from the article]

Commerzbank's CEO-designate, Bettina Orlopp, outlined her strategy to UniCredit's top leadership in their first meeting since the Italian lender acquired a large stake in Commerzbank. Orlopp discussed her plans to improve the bank's performance, while also expressing a willingness to consider proposals from outside sources. UniCredit has acquired a 21% stake in Commerzbank and has not ruled out a full takeover, although a sale of their stake is also a possibility. The German government has criticized UniCredit's approach, while members of the Italian government have expressed support for the potential acquisition. [Extracted from the article]

Bettina Orlopp, the incoming CEO of Commerzbank AG, is scheduled to have a video call with UniCredit SpA officials to discuss potential collaboration, following UniCredit's recent acquisition of a 21% stake in Commerzbank. While it is unclear if they will discuss a potential merger, Orlopp has expressed openness to proposals from outside sources. The German government prefers Commerzbank to remain independent, while members of the Italian government support UniCredit's move. Orlopp will officially assume the CEO position next week. [Extracted from the article]

Bettina Orlopp, the incoming CEO of Commerzbank AG, is scheduled to have a video call with UniCredit SpA officials to discuss potential collaboration and receive feedback on strategy. UniCredit recently acquired a 21% stake in Commerzbank and has expressed interest in a full takeover. While Orlopp has previously stated a preference for Commerzbank to remain independent, she is open to considering proposals from UniCredit. The meeting's agenda regarding a potential combination is unclear. Commerzbank recently raised its financial targets and payout ambitions. [Extracted from the article]

Commerzbank AG has announced plans to increase profitability and allocate more funds to shareholders as it enters talks with UniCredit SpA. The German lender aims to achieve a profit of €3.6 billion ($4 billion) by 2027, with a majority of that amount going towards shareholder payouts. Commerzbank's CEO-designate, Bettina Orlopp, expressed openness to discussions with UniCredit, which recently acquired a 21% stake in the bank. The German government opposes a full takeover but has limited ability to prevent UniCredit from increasing its stake. [Extracted from the article]

Commerzbank AG is set to have its first meeting with UniCredit SpA, as the Italian lender considers a potential takeover. UniCredit recently acquired a 21% stake in Commerzbank, prompting the German bank to seek investor support. While the German government opposes the acquisition, it has limited power to prevent UniCredit from increasing its stake. An influential shareholder has urged Commerzbank to engage with UniCredit. [Extracted from the article]

Commerzbank AG has announced plans to increase profitability and pay out more money to investors as it enters talks with rival UniCredit SpA. The German lender aims to raise profits to €3.6 billion ($4 billion) by 2027, with most of that going towards shareholder payouts. Commerzbank is seeking to secure investor support and prevent a possible takeover by UniCredit, which recently acquired a 21% stake in the bank. The German government opposes the acquisition but has limited power to prevent UniCredit from increasing its stake. [Extracted from the article]

Commerzbank AG has announced its plans to increase profitability and investor payouts as it faces a potential takeover by UniCredit SpA. The German bank aims to achieve a return on tangible equity of over 12% by 2027 and expects net income to exceed €3 billion ($3.3 billion) that year. Commerzbank also plans to distribute more than 90% of its profits to shareholders from 2025 to 2027. UniCredit, which currently holds a 21% stake in Commerzbank, has expressed its intention to influence the bank's strategy, regardless of whether a takeover occurs. [Extracted from the article]

(Bloomberg) -- Commerzbank AG said it's aiming for higher profitability.The lender said Thursday it expects to "increase its Return on Tangible Equity to more than 12% by 2027 and thereby stronger than previously planned.""In addition, the return of capital to shareholders is to be accelerated and significantly increased: Commerzbank expects its net profit to rise significantly to over €3 billion in 2027 and aims for payout ratios of more than 90% for the years 2025 to 2027."UniCredit SpA took a major stake in Commerzbank earlier this month, saying a full takeover is an option.©2024 Bloomberg L.P.By Steven AronsReported by Author [Extracted from the article]

An investor in Commerzbank AG has called for the bank to engage in talks with UniCredit SpA, despite the German government acknowledging that it has limited power to intervene if the Italian rival continues to increase its stake. The investor believes that cooperation with UniCredit does not have to be detrimental to Commerzbank. This call comes as Commerzbank replaces its top leadership and appoints Bettina Orlopp as the new CEO, who will have clear responsibilities for any potential talks with UniCredit. While tensions have arisen over UniCredit's stake in Commerzbank, all parties have indicated a willingness to find a joint way forward. [Extracted from the article]

An influential investor in Commerzbank AG has called for the bank to engage in talks with UniCredit SpA, despite the German government acknowledging that it has limited power to intervene if the Italian rival continues to increase its stake. The investor believes that cooperation with UniCredit does not have to be detrimental to Commerzbank. This call comes after Commerzbank replaced its top leadership and named Bettina Orlopp as the new CEO, which may establish clearer responsibilities for any potential talks between the two banks. The nature of UniCredit's stake in Commerzbank has become a tense political issue, but both sides have signaled a willingness to find a joint way forward. While Germany opposes a takeover, it has indicated that it has limited options to prevent it. Deutsche Bank has ruled out involvement in the situation, stating that it is focused on its own strategy. [Extracted from the article]

Bettina Orlopp has been appointed as the next CEO of Commerzbank, making her the first woman to hold that position. This comes after the announcement that the current CEO, Manfred Knof, will not seek a new term. Orlopp's appointment comes at a crucial time for the bank, as it faces a potential takeover by Italian rival UniCredit. Orlopp has expressed her determination to defend Commerzbank's independence and navigate the challenges ahead. She has been with the bank since 2014 and has steadily improved her reputation with stakeholders. [Extracted from the article]

Commerzbank, a German lender, has appointed Bettina Orlopp as its new CEO, making her the first woman to hold this position. Orlopp's appointment comes at a critical time for the bank, as it faces a potential takeover by Italian rival UniCredit. Orlopp has expressed her determination to defend Commerzbank's independence and has stated that she is not in favor of a merger with UniCredit. She will also need to address the challenges posed by falling interest rates and develop a strategy to maintain the bank's revenue. [Extracted from the article]

Bettina Orlopp has been appointed as the next CEO of Commerzbank, making her the first woman to hold this position. This decision comes after the announcement that Italian rival UniCredit has taken a major stake in Commerzbank and is considering a takeover. Orlopp, who has been with Commerzbank since 2014 and currently serves as the CFO, will now face the challenge of leading the company through this critical period. She has expressed her commitment to maintaining Commerzbank's independence and has already stated her disinterest in a takeover. [Extracted from the article]

UniCredit, an Italian firm, has announced plans to increase its stake in Commerzbank, a German lender, despite opposition from the German government. UniCredit already owns about 9% of Commerzbank and is seeking to more than double its stake. The move by UniCredit's CEO, Andrea Orcel, comes after Berlin announced a pause in its planned disposal of its stake in Commerzbank, indicating its opposition to a takeover. UniCredit's additional stake is linked to derivatives, and the bank does not currently have regulatory clearance to raise its stake beyond 10%. [Extracted from the article]

(Bloomberg) -- UniCredit SpA raised its stake in Commerzbank AG to 21%, just days after the German government indicated it opposes a takeover of the lender.UniCredit entered into financial instruments relating to an additional 11.5% stake in Commerzbank, according to a filing by the Italian bank, which already owns about 9% of the German rival. Physical settlement won't occur until required approvals are obtained, UniCredit added.Commerzbank shares reversed a previous drop to gain as much as 0.8% in Frankfurt.©2024 Bloomberg L.P.By Steven AronsReported by Author [Extracted from the article]

BNP Paribas SA has agreed to acquire HSBC Holdings Plc's private banking operations in Germany in an effort to expand its presence in the country's growing wealth management market. The addition of this unit will increase BNP Paribas' assets under management in its local wealth management business to over €40 billion. The demand for wealth services in Germany is being driven by a significant number of family-owned businesses, with other domestic lenders such as Deutsche Bank AG and Commerzbank AG also seeking growth in private banking. This acquisition follows ABN Amro Bank NV's purchase of German lender Hauck & Aufhäuser Lampe Privatbank AG a few months ago. BNP Paribas Germany, led by Lutz Diederichs, has expressed its desire to expand in German private banking. The French lender claims to have the largest private bank in the euro area, excluding Switzerland, with €446 billion in total assets under management. [Extracted from the article]

Andrea Orcel, CEO of UniCredit, has faced resistance from the German government in his attempt to acquire Commerzbank AG. The government's decision not to sell any more shares in the lender has temporarily halted UniCredit's ambitions for a full takeover. The German government has expressed concerns about Orcel's lack of transparency in acquiring a 9% stake in Commerzbank, which is seen as a crucial source of funding for the country's economy. While Orcel has tried to ease tensions and emphasize his bank's existing footprint in Germany, Berlin remains opposed to the deal. [Extracted from the article]

BNP Paribas has agreed to acquire HSBC's private banking operations in Germany, expanding its local wealth management business. The deal will increase BNP Paribas' assets under management to over €40 billion. HSBC has been selling various businesses in Germany, and BNP Paribas expressed interest in the wealth management unit earlier this year. This acquisition follows ABN Amro's purchase of Hauck & Aufhäuser Lampe Privatbank AG, highlighting the growing demand for wealth services in Germany. [Extracted from the article]

Andrea Orcel, CEO of UniCredit, faced resistance from the German government after his move to acquire a stake in Commerzbank AG. The government's decision not to sell any more shares in the lender indicates its preference for Commerzbank to remain independent and highlights the political challenges Orcel faces in pursuing a full takeover. While an Orcel-orchestrated tie-up with Commerzbank makes sense on paper, cross-border banking deals in Europe are often hindered by national pride and regulatory obstacles. The Italian government, on the other hand, welcomes the move as a testament to Italy's strengthening banking sector. [Extracted from the article]

Societe Generale, a French bank, has announced the sale of its subsidiary in Guinea to Atlantic Financial Group, as part of its strategy to reduce its business in Africa. This move follows the sale of 11 out of 17 African units by Societe Generale since last year. Other European banks, such as Barclays and BNP Paribas, have also significantly reduced their presence in Africa due to the perceived higher risk and lower returns in the region. Despite the reduction in employees, these banks still offer banking services in various African countries. [Extracted from the article]