“Del Vecchio’s holding company Delfin said it had filed the request to increase its Mediobanca holding above 10% and up to 20% with the Bank of Italy on May 29, adding that the authorisation process usually takes up to 60 days.” – by Claudia Cristoferi
Banks
Libor Transition Plans Could Take Hit From COVID-19 Turmoil (Law 360)
“But depending on how much additional stress the pandemic puts on the financial system in the next two quarters, Chorazak said banking regulators could feel compelled to dial back their expectations for planning progress.” – by Jon Hill
Europe: Did the banks cry wolf on negative rates? (Euromoney)
“As the howls of anguish at negative interest rates reach a crescendo, central bankers and prominent economists are still convinced that Europe’s financial sector would be even worse off were base rates above zero.” – by Dominic O’Neill
Largest US banks double profits in past decade (FT)
“The past decade has been kind to America’s biggest banks.” – Rob Armstrong and Laura Noonan
Nordea Culls Securities From Markets Unit Amid Negative Rates (Bloomberg)
“As long-term negative interest rates reshape life in the Nordic region, its biggest bank is trying to reinvent one of its most important business areas.” – by Frances Schwartzkopff and Rafaela Lindeberg
German banks start merger talks to create €260bn giant (FT)
“Deal between Helaba and Deka could spark future consolidation.”- by Olaf Storbeck
Negative interest rates, by country (FT)
“Today, Jean Pierre Mustier, chief executive of Italian lender UniCredit, called for banks to stop complaining about negative rates.” – by Thomas Hale
UK’s bank challengers are fading in fight with big four (FT)
“The new entrants were supposed to revitalise the UK’s banking market — instead they are looking sick.” – by Nicholas Megaw
ECB tiering little relief for squeezed banks (IFR)
“Another European Central Bank stimulus package looks set to keep eurozone interest rates negative for longer and tighten the squeeze on the region’s banks, heaping more pain on German lenders in particular.” – by Gareth Gore and Steve Slater
Italy’s Carige faces April deadline to fill 630 mln euro capital gap (Reuters)
“Temporary administrators of Banca Carige said they had to find a buyer by April for the Italian bank, after unveiling a 630 million euro ($718 million) capital shortfall” – Valentina Za