Bank executives traveled to Frankfurt for a first meeting with European Central Bank President Mario Draghi on the ECB’s review of lenders’ assets.
Intesa Sanpaolo SpA, Italy’s second- biggest bank, said third-quarter profit fell 47 percent after an economic slump hit lending and it set aside more provisions for soured loans.
UniCredit SpA Chief Executive Officer Federico Ghizzoni said fourth-quarter profit will roughly match earnings for the previous three months as Italy’s economic downturn pares demand for loans.
As the European Central Bank prepares to take its first big step toward a banking union, the financial industry in the region remains as fragmented as ever.
UniCredit SpA, Italy’s biggest bank, offered to purchase Bank Gospodarki Zywnosciowej SA, the Polish unit of Rabobank Groep, said Chief Executive Officer Federico Ghizzoni.
Bank Pekao SA, Poland’s second- largest lender, rose to the highest level in almost three years after UniCredit SpA, its majority owner, announced a plan to buy Rabobank Groep’s Polish unit.
UniCredit SpA , Italy’s biggest bank, named Deputy Chief Executive Officer Federico Ghizzoni as CEO nine days after his predecessor Alessandro Profumo quit under pressure from investors.
UniCredit SpA Chief Executive Officer Federico Ghizzoni is buying time to rescue Italy’s biggest bank as the country teeters on the brink of recession.
UniCredit will cut costs this year more aggressively than planned, beating targets approved in November, Chief Executive Officer Federico Ghizzoni said.
UniCredit SpA will seek the “right” mix of stable shareholders in different regions in the future, Chief Executive Officer Federico Ghizzoni told la Repubblica in an interview.
"I think 2013 remains quite a challenging year."
- Federico Ghizzoni on Nov 11, 2013