Relevant:
- Italy's bitter bank rescue tsar bemoans lack of strategy
- Bank of Italy Chief Says Some Italian Banks May Need Aid
- Italy Bank Rescue Won't Fill $54 Billion Hole on Their Books
- UniCredit to Reduce European Offices by Half as Italian Bank Slashes Costs
- Italy plans 2.2-billion euro rescue of three small banks-sources
2017-02-04 — reuters.com
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By writing down the stake, UniCredit is indicating that it does not believe it will make money on the investment it made into the state-managed fund created to recapitalize a number of failing Italian banks and help the industry offload bad loans. A source at another bank estimated UniCredit's writedown could be closer to 70 percent.
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Atlante now owns the two Veneto banks it rescued last year, Banca Popolare di Vicenza and Veneto Banca, but the lenders need more capital, estimated by banking analysts at 3 billion euros at least.
Well that didn't last long.
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