Monday, October 6, 2008

Another domino about to topple?

Italy's second-largest bank UniCredit sells off stock in survival bid

One of Italy’s largest banks outlined its plans for survival last night as UniCredit said that it was seeking up to €6.6 billion in fresh funds. The bank, Italy’s second-largest with operations throughout mainland and Eastern Europe, announced a scheme to sell 973 million shares at €3.083 a share. The bank’s stock, which has been halted several times in recent weeks after extreme price falls, closed on Friday at €3.092.

Posted by jack c @ 09:57 AM (539 views)
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3 thoughts on “Another domino about to topple?

  • mark wadsworth says:

    Nah, it’ll never work. Debt for equity swap is the way forward.

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  • If the Italian banks go down it means no bank in the world is safe, we have very few mortgages compared to Uk or Us market, you must give warranties if you want to borrow money in Italy and it’s very difficult to get 80% of the house’s value, and worst of all I have two accounts with them…

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  • waitingfor hpc says:

    yeah but Italy has been bankcrupt for years!!! airlines, banks, govt.

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