Unicredit trading suspended after stock falls
Trading in shares of Unicredit, Italy's largest bank by assets, was suspended several times on the Milan Stock Exchange Wednesday after the stock lost nearly one-quarter of its value this week.
By Agencies |
MILAN: Trading in shares of Unicredit, Italy's largest bank by assets, was suspended several times on the Milan Stock Exchange Wednesday after the stock lost nearly one-quarter of its value this week.
Shares were trading at euro2.55 (US$3.65), down nearly 2 percent, after being suspended several times for excessive losses.
Unicredit CEO Alessandro Profumo was meeting with top managers, but the company said it was a scheduled meeting and not in response to the stock market moves on Wednesday.
Italian news agencies quoted Premier Silvio Berlusconi as saying he would not allow speculative attacks on Italian banks.
``I will not allow speculative attacks on our banks and I will not accept having Italian citizens lose even a euro of their deposits,'' Berlusconi said from Naples, the news agencies ANSA and Apcom reported.
The bank announced on Wednesday that it was spinning off a portion of its real estate portfolio in a transaction that is aimed at raising its Tier I capital ratio, a measure of financial strength, to its goal of 6.2 percent by the end of the year.
Unicredit is Italy's biggest bank by assets, with more than euro1 trillion (US$1.43 trillion) in assets. It is among Europe's top 5 for assets, but the loss in value puts it only among the top 10 for market capitalization.
Shares were trading at euro2.55 (US$3.65), down nearly 2 percent, after being suspended several times for excessive losses.
Unicredit CEO Alessandro Profumo was meeting with top managers, but the company said it was a scheduled meeting and not in response to the stock market moves on Wednesday.
Italian news agencies quoted Premier Silvio Berlusconi as saying he would not allow speculative attacks on Italian banks.
``I will not allow speculative attacks on our banks and I will not accept having Italian citizens lose even a euro of their deposits,'' Berlusconi said from Naples, the news agencies ANSA and Apcom reported.
The bank announced on Wednesday that it was spinning off a portion of its real estate portfolio in a transaction that is aimed at raising its Tier I capital ratio, a measure of financial strength, to its goal of 6.2 percent by the end of the year.
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Unicredit is Italy's biggest bank by assets, with more than euro1 trillion (US$1.43 trillion) in assets. It is among Europe's top 5 for assets, but the loss in value puts it only among the top 10 for market capitalization.
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