Siena, the medieval city renowned for its Palio horse races, is home to the world’s oldest bank. Within its aging walls lies a distinctly 21st-century tale of devastation wrought by local politicians and global financiers.
Banco Santander SA, Spain’s biggest bank, said third-quarter profit rose more than eightfold as lower costs for absorbing losses on real estate outweighed falling earnings from Brazil and its home market.
Banco Santander SA Chairman Emilio Botin said he gave Banca Monte dei Paschi di Siena SpA Chairman Giuseppe Mussari 48 hours to pay for unit Banca Antonveneta SpA, according to a document obtained by Bloomberg News.
They shape economies, move markets, do deals -- and change the world. They hold sway by virtue of the money they manage, the companies they control, the policies they enact and the ideas they propound. The people on the third annual 50 Most Influential list, to be published in the October issue of Bloomberg Markets magazine, command attention as masters of the global financial system.
Prosecutors probing Banca Monte dei Paschi di Siena SpA’s purchase of Banca Antonveneta SpA have asked Spain for permission to question Banco Santander SA Chairman Emilio Botin as a witness, four officials with knowledge of the matter said.
Banco Santander SA Chairman Emilio Botin told shareholders he expects 2010 profit to be “similar” to last year in a rejoinder to investors that ditched Spanish bank stocks on concern the country may fail to fix its finances .