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Unicredit
Published: September 30 2008 09:33 | Last updated: September 30 2008 23:01
“Welcome to the first truly European bank,” UniCredit’s website proudly proclaims. But the only Italian bank to break the national mould and spread its wings well beyond its Milan headquarters, getting half of its revenues outside Italy, is now paying the price. In today’s climate, being a global bank is to be on a hiding to nothing. UniCredit’s share price has collapsed to 10-year lows and trading this week has been suspended several times for excessive losses. Hedge funds, prevented from short selling in the UK and other markets, may well be having a field day, although questions about UniCredit run deeper.
One of these is UniCredit’s exposure to retail banking in Germany, where it controls HVB and has been roped in to help bail out Hypo Real Estate. UniCredit can also expect diminishing returns from its investments in eastern Europe as economies there slow (even if the rest of Europe slows more). Further writedowns are also expected on its investment banking exposure, the largest in Italy. After years of extravagant praise for his bold vision, chief executive Alessandro Profumo is now on the defensive. He uncharacteristically sent a memo to employees to reassure them the bank has no liquidity problems and has no need to raise capital. But perception, not liquidity, is the issue – although the fact that default swaps on UniCredit debt have widened no more than European peers such as Spain’s BBVA shows investor perceptions also vary across markets.
Still, chasing size and diversification, UniCredit often bought at the top of the market, venturing where other Italian banks feared to tread. Sticking to Italy’s conservative lending market and strong deposit base has already benefited more cautious banks like IntesaSanpaolo, trading at almost 10 times this year’s earnings, a nearly 50 per cent premium to UniCredit. Markets, like fashion, can be fickle. Mr Profumo, who wanted to play with the big boys, is now being punished with them
http://www.ft.com/cms/s/1/6da7ceb6-8eca-11dd-946c-0000779fd18c.html
Published: September 30 2008 09:33 | Last updated: September 30 2008 23:01
“Welcome to the first truly European bank,” UniCredit’s website proudly proclaims. But the only Italian bank to break the national mould and spread its wings well beyond its Milan headquarters, getting half of its revenues outside Italy, is now paying the price. In today’s climate, being a global bank is to be on a hiding to nothing. UniCredit’s share price has collapsed to 10-year lows and trading this week has been suspended several times for excessive losses. Hedge funds, prevented from short selling in the UK and other markets, may well be having a field day, although questions about UniCredit run deeper.
One of these is UniCredit’s exposure to retail banking in Germany, where it controls HVB and has been roped in to help bail out Hypo Real Estate. UniCredit can also expect diminishing returns from its investments in eastern Europe as economies there slow (even if the rest of Europe slows more). Further writedowns are also expected on its investment banking exposure, the largest in Italy. After years of extravagant praise for his bold vision, chief executive Alessandro Profumo is now on the defensive. He uncharacteristically sent a memo to employees to reassure them the bank has no liquidity problems and has no need to raise capital. But perception, not liquidity, is the issue – although the fact that default swaps on UniCredit debt have widened no more than European peers such as Spain’s BBVA shows investor perceptions also vary across markets.
Still, chasing size and diversification, UniCredit often bought at the top of the market, venturing where other Italian banks feared to tread. Sticking to Italy’s conservative lending market and strong deposit base has already benefited more cautious banks like IntesaSanpaolo, trading at almost 10 times this year’s earnings, a nearly 50 per cent premium to UniCredit. Markets, like fashion, can be fickle. Mr Profumo, who wanted to play with the big boys, is now being punished with them
http://www.ft.com/cms/s/1/6da7ceb6-8eca-11dd-946c-0000779fd18c.html
eppure è famoso su internet... e anche il Telegraph non ha una gran bella fama... ti dico solo che non puoi prenderlo sul serio, le news leggile da altre parti, sul Telegraph vacci per ridere !
