Net Interest - Lindy Bank
It’s been a buoyant time for bank stocks and European governments have taken advantage. Over the past few months, they’ve offloaded billions of dollars of shares they bought to backstop the sector during its period of crisis. From the UK to Greece, banks are being returned to private hands:
All told, European governments have sold around €14 billion of shares of bailed out banks this year – the most since the end of the financial crisis. This week, the Italian government contributed to the flurry, selling a 15% stake in Monte dei Paschi di Siena. It wasn’t the largest sale, nor the last (the government retains an 11% holding) but it could be the most symbolic. Like at Commerzbank, the transaction took place at a premium to market price and rekindled the prospect of M&A: One of the buyers was rival Banco BPM. But Monte dei Paschi di Siena was also considered by many to be unredeemable. The oldest bank in the world, headquartered in one of its most picturesque spots, it was felled by loss, scandal and mismanagement. Over its 552 years as a financial institution (it was founded in 1472!) it has come close to failure on many occasions. As recently as 2021, one of Italy’s largest banks, Unicredit, refused to take it on. Now, profits are up, it has accumulated capital, and M&A is a prospect. Last year, it reported underlying pre-tax profit of €1.3 billion, a much stronger outcome than the €900 million it once targeted for 2026. Third quarter earnings, released last week, beat expectations leading to full-year guidance being raised. And with the government’s stake reduced, the bank is back on track. “We are in the fast lane, boosted by our new business plan, with the conviction that we can go even faster,” said CEO Luigi Lovaglio, a turnaround specialist appointed in 2022, on his earnings call. To delve into (some) of the history of this bank – which was making loans two decades before Christopher Columbus sailed west – and find out how it’s getting on now, read on... Subscribe to Net Interest to unlock the rest.Become a paying subscriber of Net Interest to get access to this post and other subscriber-only content. A subscription gets you:
|
Older messages
Trump's Banks
Friday, November 8, 2024
Financial Sector Winners in a Second Trump Term ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
All the Devils
Friday, November 1, 2024
Thirty Years in Finance Part II: The Meltdown of Credit Suisse ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Gresham’s New Law
Sunday, October 20, 2024
PayPal and the Future of Money ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The USA vs Visa
Friday, October 4, 2024
Dominating Debit: Visa's Antitrust Legacy ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Thirty Years in Finance
Friday, September 27, 2024
What Hasn't Changed ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
You Might Also Like
Finish signing in to Net Interest
Sunday, December 29, 2024
Here's a link to sign in to Net Interest. This link can only be used once and expires in one hour. If expired, please try signing in again here. Sign in now © 2024 Marc Rubinstein 548 Market Street
2025 Financial Checklist – Item #3
Sunday, December 29, 2024
Refinance your student loans ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Harry's Rant 12-27-24
Friday, December 27, 2024
Harry's Rant December 27, 2024 2025 looks like a make or break year for the markets, and Harry clearly favors the down scenario. He looks at how just the first wave down is likely to be 40%-50%.
Banish the Winter Blues With a Trip Somewhere Warm 🏖️
Friday, December 27, 2024
Enter to win a chance to win a trip to Cabo San Lucas. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Life insurance protects the ones you love most
Thursday, December 26, 2024
And coverage may be cheaper than you think ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
John's Take 12-26-24 Merry Christmas...Gift
Thursday, December 26, 2024
Merry Christmas...Gift by John Del Vecchio Merry Christmas and Happy Hannukah! This week, I will spend the holiday in the desert for the first time since 2006. After moving out of my home two weeks
American Airlines flights grounded briefly on Christmas Eve
Tuesday, December 24, 2024
A technical issue caused a headache for many travelers Are you prepared for holiday flight delays? A technical issue briefly grounded American Airlines flights nationwide early on Christmas Eve, due to
How To Make A New Year’s Resolution
Tuesday, December 24, 2024
An experiment looks at ways to make New Year's resolutions succeed. View this email online Planet Money Hey, it's Greg Rosalsky. Here at Planet Money, we cover the people and forces that shape
🎅 The year in review
Monday, December 23, 2024
The economy in 2024, the market's winners, and feeling emotional | Finimize TOGETHER WITH Hi Reader, here's what you need to know for December 24th in 3:10 minutes. The global economy held up
Stop overpaying for your student loans
Monday, December 23, 2024
Find out how refinancing can help you save ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏