Top British court orders Gazprom unit to drop £387m Russian claim against Italian bank UniCredit LEGAL The UK's highest court has upheld a decision that England has the right to block a Gazprom unit's Russian lawsuit against Italian bank UniCredit
EU slaps £319m fine on UBS, Nomura and UniCredit for bond cartels European Union antitrust regulators charged UBS, UniCredit and Nomura with a fine of £319m for their connections with a European government bond trading cartel. The sizable fines are the most recent punishment of the financial industry for its alleged involvement in foreign exchange cartels, Euribor and Libor benchmark cartels, and bonds cartels. The European Commission [...]
UniCredit shareholders approve Andrea Orcel’s bumper pay packet UniCredit shareholders approve Andrea Orcel’s bumper pay packet UniCredit shareholders have approved the appointment of Andrea Orcel and a proposed bumper pay packet making him Italy’s highest-paid banker. Orcel is set to take over from French banker Jean Pierre Mustier who left in February after falling out with the board over its strategy. Today shareholders, accounting for around 60 per cent of the [...]
LVMH founder and former UniCredit boss launch European-focused SPAC February 15, 2021 Former UniCredit chief Jean Pierre Mustier and LVMH founder Bernard Arnault are the latest to join the SPAC boom, creating a new vehicle to invest in European financial firms. Blank-cheque vehicles have grown in popularity in the past year as IPO activity fell off a cliff at the start of the pandemic. They are created [...]
Western banks pay £684m in taxes to Vladimir Putin’s regime April 29, 2024 The largest western banks that still operate in Russia paid more than €800m (£684m) in taxes to the Kremlin last year in a sign that foreign companies remaining in the country are helping Vladimir Putin weather international sanctions.
Unicredit shares drop after chief executive steps down December 1, 2020 Shares in Unicredit fell nearly eight per cent on the open following the announcement that its chief executive would step down after a disagreement over strategy. On Monday the Italian bank announced its chief executive Jean Pierre Mustier would step down at the end of his mandate in April. In a statement Mustier said it [...]
Santander announces plans for £4.7bn shareholder distribution following record results February 19, 2024 Santander announced that it will seek to pay out £4.7bn to shareholders just weeks after the bank unveiled record annual profits in 2023.
Activist shareholder Caius Capital takes five per cent stake in embattled Metro Bank January 22, 2023 London-based activist shareholder Caius Capital has taken an £11m stake in embattled challenger bank Metro Bank. The investment brings Caius Capital’s stake to five per cent, making it one of Metro Bank’s ten largest investors. The stake from Caius Capital, an alternative investment manager focused on “distressed and special situations”, comes a month after Metro [...]
European bank shares fall after shock 40 per cent Italian windfall tax on excess profits August 8, 2023 Shares in European banks fell after the Italian government announced a surprise windfall tax on banks who have seen bumper profits thanks to higher interest rates. Late last night Giorgia Meloni’s populist government agreed to impose a one-off 40 per cent tax on extra-profits, defining extra-profits as when net interest income has grown beyond three [...]
Europe’s banks post strong gains as Janet Yellen is set to signal further support for US banks March 21, 2023 European Bank stocks continued to recover today as US Treasury Secretary Janet Yellen is set to signal further support for regional US lenders. Europe’s largest banks were all firmly in the green around midday. BNP Paribas rose 3.9 per cent, Deutsche Bank was up 5.2 per cent, while UniCredit and Santander climbed 6.3 per cent [...]