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BAMI - Banco BPM SpA News Story

€1.44 0.0  3.6%

Last Trade - 13/08/20

Sector
Financials
Size
Mid Cap
Market Cap £1.96bn
Enterprise Value £5.13bn
Revenue £4.62bn
Position in Universe 95th / 719

UPDATE 1-Italy's competition watchdog probes top banks over debt support measures

Thu 11th June, 2020 6:15pm
(Adds details)
    MILAN, June 11 (Reuters) - Italy's antitrust regulator said
it was probing four financial firms, including the country's top
two banks, for allegedly withholding information and imposing
unnecessary conditions on borrowers who wanted to access
coronavirus support measures. 
    The regulator said UniCredit  CRDI.MI , Intesa Sanpaolo
 ISP.MI , Banca Sella and consumer credit group Findomestic were
suspected of making it harder for businesses and households
wanting to access state measures to help them through the
pandemic crisis. 
    In a statement on Thursday, the regulator also said the
banks may have failed to provide clear information regarding the
eventual increase in interest payments stemming from payment
suspensions under debt holiday schemes.
    The authority said it was exercising "moral suasion" towards
another 12 financial institutions - including state-owned bank
Monte dei Paschi di Siena  BMPS.MI  and rivals UBI Banca
 UBI.MI  and Banco Popolare  BAMI.MI  - after finding similar
shortfalls in the information provided to customers about the
timing and cost of the loans.
    Reuters was unable to contact Banca Sella and Findomestic
and the other banks were not immediately available for comment. 
    Italian banks have come under fire for delays in granting
state-backed loans under liquidity schemes which the government
had said could unlock at least 400 billion euros in new
financing.  urn:newsml:reuters.com:*:nL5N2CF5OP
    Paolo Angelini, head of supervision at the Bank of Italy,
told a parliamentary hearing on Thursday that the central bank
had written to a group banks to check why they lagged behind the
industry median in meeting requests for state-backed loans.
    Angelini said the situation had improved after a slow start
and, by the end of May, 61% of requests for fully-guaranteed
loans for small firms had been met compared with just 33% two
weeks earlier.
    He said loans to non-financial companies had increased by 22
billion euros between March and April, compared with 27 billion
in Germany, 59 billion in France and 35 billion in Spain.

    
    
    
    

 (Reporting by Valentina Za, editing by Giulia Segreti, Kirsten
Donovan)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))
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