UNICREDIT LA BANCA CHE NON PUO' FALLIRE (PER LA GIOIA DEI CLIENTI DI FINECO) ATTACCATA DAL FINANCIAL TIMES....AHHAHAH
LA TESORERIA DI BANCA FINECO HA INVESTITO 11.5 MILIARDI DI EURO IN OBBLIGAZIONI UNICREDIT.
HA USATO IL 60% DEI RISPARMI PARCHEGGIATI SUI CONTI CORRENTI DELLA CLIENTELA DI FINECO
LA CONCENTRAZIONE DEGLI INVESTIMENTI DI OBBLIGAZIONI UNICREDIT E' MOLTO ALTA
MA UNICREDIT NON PUÒ FALLIRE..ALMENO COSÌ PARE DICONO I PROMOTORI DI FINECO AI LORO CLIENTI
IO NON HO TROVATO NESSUNA LEGGE CHE VIETI IL BAIL IN DI UNICREDIT...MA LA BANCA NON PUÒ FALLIRE...OGGI NE PARLA BENE ANCHE IL FINANCIAL TIME
UniCredit, Italy’s largest bank by assets, is facing renewed concerns about its capital levels and governance after its underwriting of a €1.5bn cash call at regional bank Popolare di Vicenza forced a systemic rescue, say investors, bankers and Italian officials.
A pool of Italian financial institutions last month pulled together a €4.25bn rescue fund to backstop the capital call at scandal-hit bank Popolare Vicenza after pre-marketing showed scant investor interest.
The fund, Atlante, took over the underwriting of the capital increase amid concerns UniCredit would be forced to undertake its own cash call if it were left with Popolare Vicenza stock. UniCredit’s core tier one ratio at the end of December was 10.6 per cent, or 10.9 per cent on a fully loaded basis, compared with 13.1 per cent at its Milan-based rival Intesa Sanpaolo.
According to top investors, senior bankers and Italian officials, confidence in UniCredit’s chief executive Federico Ghizzoni and its top management has been dramatically eroded by the debacle over thePopolare Vicenza capital raising.
UniCredit’s management was already under pressure before the capital raising to meet targets set out in a three-year business plan presented last November that had not fully assuaged concerns about its capital buffers, profitability and quality of its management. UniCredit stock has lost 40 per cent of its value so far this year, outpacing a broader fall in Italian banking stocks. It trades at 0.5 times its tangible book value.
“UniCredit needs more capital and it cannot do that with the current management as they have lost the confidence of the market,” said one top 10 shareholder.
UniCredit declined to comment. A person close to Mr Ghizzoni said the banker was “serene and rational”.
A source close to the bank said UniCredit’s underwriting had multiple clauses that provided it with loopholes to pull out of the deal if Atlante had not been created.
Mr Ghizzoni has consistently argued UniCredit does not require additional capital. Marta Bastoni of Barclays, among the most bearish analysts, has said UniCredit requires up to €7bn of additional equity.
UniCredit on Tuesday will report first-quarter results, which analysts and investors say will be seen as a crucial test of management.
UniCredit needs more capital and it cannot do that with the current management as they have lost the confidence of the market
Top 10 shareholder
It comes after Leonardo Del Vecchio, the tycoon behind the Luxottica eyewear group who owns less than 2 per cent of UniCredit, in February told newspaper La Repubblica that while Mr Ghizzoni was a “good banker, the bank perhaps needed a radical change”.
Among names being considered as potential successors for Mr Ghizzoni including UBS investment banking boss Andrea Orcel, António Horta-Osório, chief executive of Lloyds Bank, and other senior Italian bankers, according to several sources.
While Mr Horta-Osório, the Portuguese boss of Lloyds, is highly thought of by investors, many senior bankers have said Mr Ghizzoni’s successor would have to be an Italian to be able to navigate the complex governance and political pressures at the bank.
Mr Ghizzoni, a UniCredit lifer, became CEO in September 2010 after UniCredit’s board ousted his predecessor Alessandro Profumo after weeks of mounting dissatisfaction with the share price performance.
Pubblicato da ML a lunedì, maggio 09, 2016CLICCA SULL'ICONA DELLA MOSCA TZE-TZE E VOTA PER QUESTO POST!