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European bank stocks lose more ground as concerns on Turkey spread

“Shares in Spain’s BBVA , Dutch bank ING and Italy’s UniCredit – which all have units in Turkey – shed more than 3 percent, extending Friday’s losses” reports businessinsider.com. BNP would have a limited capital impact of 3 basis points.European banks with large businesses in emerging markets such as Societe Generale in Russia or Santander in Mexico also saw their shares losing ground on Monday.Unicredit bank logo is seen in the old city centre of Siena Thomson Reuters By Inti Landauro and Sudip Kar-Gupta PARIS (Reuters) – Shares in Europe’s…

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ECB worries that some European banks may be too exposed to Turkey: FT

“The European Central Bank is getting increasingly concerned about the exposure of exposure of some banks in the region — specifically from Spain, Italy and France — to the woes of Turkey, the Financial Times reported Friday, citing two sources close to the situation” writes Markets Reporter for marketwatch.com. Spain’s BBVA SA BBVA, -0.92% BBVA, -1.87% Italy’s Unicredit SpA UCG, -1.90% and France’s BNP Paribas SA BNP, -0.40% among the biggest lenders to the country, have come under closer scrutiny by the Single Supervisory Mechanism, the ECB’s arm charged with…

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UniCredit has stopped using Facebook for advertising: CEO

“Facebook has faced intense scrutiny around a data breach row involving Cambridge Analytica, which saw millions of users’ data improperly accessed” writes Midwest Communications Inc for 95kqds.com. UniCredit said the decision to stop using Facebook for its business activity had been taken at the end of March.He said Facebook had guaranteed it would not use users’ data but had done so in the end.Asked whether the decision had been related to a scandal involving political consultancy Cambridge Analytica Mustier replied yes. Source: 95kqds.com Share This:

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UniCredit second-quarter net profit falls on higher charges, provisions

“Italy’s biggest bank UniCredit said on Tuesday its net profit in the second quarter fell 13.3 percent on an adjusted basis due to higher charges and provisions” writes unknown author for cnbc.com. Profits in the period came in at 1.024 billion euros ($1.2 billion).Analysts had looked on average for a second-quarter net profit of 975 million euros according to a consensus of 25 brokers provided by the bank. Source: cnbc.com Share This:

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UniCredit profit up on lower costs, provisions

“UniCredit SpA (UCG.MI) said Tuesday that its second-quarter net profit rose, supported by lower operating costs and net write-downs on loans and provisions” writes Pietro Lombardi for marketwatch.com. Net profit for the period was 1.02 billion euros ($1.18 billion), compared with EUR945 million a year earlier.Net write-downs on loans and provisions declined almost 24% to EUR504 million in the quarter.Operating income fell roughly 4.3% on year to EUR4.95 billion, as net interest income and trading income decreased. Source: marketwatch.com Share This:

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Open Fiber granted 3.5 billion euro project financing for Italian fiber optic network

“MILAN (Reuters) – Italy’s Open Fiber said on Friday banks, state lender CDP and the European Investment Bank had signed off on a 3.5 billion euro project finance package to help fund the ultrafast broadband network it is rolling out across the country” writes Midwest Communications Inc for 95kqds.com. The funding, the biggest-ever project finance deal for an optic fiber network in the EMEA region, is led by UniCredit, Societe Generale and BNP Paribas.Open Fiber, jointly owned by CDP and utility Enel, also said its two shareholders would grant a…

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European politics, regulators present a ‘significant hurdle’ to bank M&A — analysts react

“SocGen on Monday denied any board discussions about a possible marriage with the Italian bank, and UniCredit declined to comment” writes Markets Writer for marketwatch.com. Some analysts poured a bit of cold water on the potential M&A action. “The political and regulatory backdrop remains a significant hurdle to deliver an attractive deal,” said Jefferies analysts Benjie Creelan-Sandford and Marco Nicolai in a note Monday.The merger also might be doomed by egos and politics, the Politico correspondent added in another tweet.UniCredit hasn’t made a formal approach, and officials at both banks…

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Italy’s biggest bank reportedly wants to merge with France’s Societe Generale to create a $2.5 trillion European giant

“You can read the Financial Times’ full report on the possible merger here ($)” writes Finanzen Net Gmbh for businessinsider.com. Two of continental Europe’s biggest banking brands could be set for a major merger, after the Financial Times reported that Italy’s UniCredit is seeking a deal with Societe Generale.Societe Generale, however, denied “any board discussion regarding a potential merger with UniCredit” in a statement cited by Reuters. Source: businessinsider.com Share This:

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UniCredit, SocGen shares rise on merger chatter

“Societe Generale on Monday denied any board discussions regarding a potential merger with Italian lender, while UniCredit declined to comment” writes Max Bernhard for marketwatch.com. Shares in Societe Generale SA (GLE.FR) and UniCredit SpA (UCG.MI) rose shortly after market open on Monday on speculation that the two banks are reviewing a potential merger.UniCredit shares rose as much as 4%, while Societe Generale traded up 2.9% shortly after open, following the report.The Financial Times reported Sunday that UniCredit is considering a merger with the French bank but hasn’t made a formal…

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Italy’s UniCredit reportedly exploring merger with French rival SocGen

“On Sunday, SocGen denied “any board discussion regarding a potential merger with UniCredit”, according to an emailed statement to Reuters” writes unknown author for cnbc.com. Italy’s biggest bank, UniCredit SpA is exploring a merger with France’s Societe Generale SA in a move that would see the European banks leading the way for banking mergers on the continent, the FT said on Sunday.UniCredit’s French chief executive, Jean-Pierre Mustier, a former head of SocGen’s investment banking unit, has been developing the idea for several months now, the FT said, citing sources. Source: cnbc.com…

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