Banca Sistema trading suspended after Bank of Italy inspection report

Banca Sistema

23/12/2024 12:33

** Trading in shares of Italy's Banca Sistema  BSTA.MI 
halted, falling 13.5% after Bank of Italy releases an inspection
report on Friday
        ** Bank of Italy prohibits Banca Sistema from approving
nor distributing dividends and variable pay packages related to
the 2024 financial year until re-examination
  
        ** The report, which investigated the bank's actions
between July and October 2024, has also asked for new rules to
address governance shortcomings 
  
   ** As of 30 September 2024, the Bank of Italy estimates that
past due loans can increase from 90 million euros ($93.58
million) to 307 million euros, resulting in a potential capital
ratio drop to 12.3% from 15.5%
    ** Banca Akros estimates that CET1 ratio could fall to 10.4%
from 12.9%
    ** The brokerage says that the impact can be reabsorbed in
the future as past-due loans decrease due to improved
origination and collection practices.
    
    
   


    


($1 = 0.9617 euros)

 (Reporting by)
 ((Michela.stasio@thomsonreuters.com))