- Reuters
Italy's AMCO to buy 1.4 billion euros of non-performing leasing credits from Intesa
Italy's state-owned bad loan specialist AMCO said on Friday it had signed an agreement with lender Intesa Sanpaolo to purchase a portfolio of non-performing leasing credits with a gross value of around 1.4 billion euros ($1.46 billion). AMCO added it had signed another contract with Intesa to buy a portfolio of single-name unlikely-to-pay loans with a gross value of 120 million euros.
- Reuters
Intesa Sanpaolo shares rise after ECB's green light to buyback plan
MILAN (Reuters) -Shares in Intesa Sanpaolo rose on Monday after Italy's biggest bank said late on Friday it had received supervisory clearance from the European Central Bank (ECB) to buy back its own shares for up to 3.4 billion euros ($3.6 billion). Kepler Cheuvreux said the ECB's green light on the buyback's full amount was positive because it meant the ECB considered a 100 basis point hit on the bank's capital ratios "manageable". Intesa said on Friday it would immediately carry out half of the proposed share buyback and take a decision on the remaining 1.7 billion euros by the time it publishes full-year results in February 2023.
- Reuters
Italy's Intesa cuts 2022 profit goal after Russia hit
MILAN (Reuters) -Italy's biggest bank Intesa Sanpaolo on Friday cut its profit guidance for the year after setting aside 800 million euros ($847 million) to cover potential losses from its exposure to Russia. Intesa joins peers including rival domestic heavyweight UniCredit, as well as France's Societe Generale and Credit Agricole, in taking a hit to first-quarter earnings from Russia. Intesa now expects net profit of more than 4 billion euros in 2022, compared with an estimate of more than 5 billion euros provided in early February before Russia's invasion of Ukraine.
