Italy’s bank UBI Banca has become one of the latest eurozone companies to announce a restructuring plan to achieve a more efficient business model.
In May, the Italian asset management industry recorded negative ouflows for €1.15bn, according to data published today by Assogestioni, the association of Italian asset managers.
In Italy, the saving process has reached an all-time low in 2012, with non-savers constituting more than 61% of a population sample compared to 52.8% in 2011, according to research released by Italian bank Intesa Sanpaolo.
Intesa Sanpaolo Vita has appointed Salvatore Maccarone as chairman of the company and confirmed Gianemilio Osculati has the bank's chief executive.
Pricing of the bonds and credit default swaps of three major Italian banks suggests that investors attach to those assets a higher risk profile than the one assigned by Standard & Poor's, the rating agency has warned.
Intesa Sanpaolo Private Banking, part of Italy's biggest bank by assets, has reported a €35.9m net profit for the first quarter of 2012, marking a 50% year on year increase.
UniCredit, Italy’s largest lender and parent of asset manager Pioneer Investments, must find €8bn to shore up its balance sheet, according to figures released yesterday by the European Banking Authority.