He continued rising today’s session of Unicredit 
which exchanges to share EUR 2.05 (+ 4.59%), driven by the group’s operations in terms of sales and in corporate restructuring, while waiting for the revision which will be announced in during the day today following which Unicredit could come out from the index Eurostoxx50.
This week the CEO of the leading Polish insurance group PZU, will be in Milan for talks with Unicredit , related to sale of the second bank in the country, bank Pekao. These negotiations are part of the government’s plan to regain control of the banking system of the country, 58% of which is currently owned by foreign investors. According to some sources, the bank has already decided to sell 40.1% of Pekao that still remain after the sale of 10% last month from which he had obtained 750 million euro approx.
“We believe that the sale of Bank Pekao may partially compensate for the need for capital of Unicredit , which we estimate to 7 billion Euros, thus reducing the size of the capital increase that we expect the bank ads in its business plan “, commented this morning the Imi Bank analysts. On the other hand, though, “the output from Poland would reduce the opportunities for long-term growth of the group, in our view. We confirm the Unicredit a hold rating and a target price of 2 euro.”
the important role that the sale would go to play in limiting the collection of capital by shareholders has also been recognized by Mediobanca Securities (neutral rating and target price to 3.5 euro), they see immediate potential increase of 100 basis points the CET1 in exchange for a loss of profitability of 7% in 2017. However, “we stress that any decision on Pekao will be taken soon to October, due to the lock-up clause binding Unicredit ,” he rcordato the bank d ‘ business.
Along the same lines experts Equita (hold rating and target price to 2.7 euro), according to which, however, the transaction would result in a waiver in terms of profit for the group amounted to 10%. “The news should also reduce the waiting for a placement of Fineco , “said the broker, with the title of FinecoBank which follows that of holding trading at 5.2 euro share up 4%.
Good news as far as Bank Austria, the institute controlled by Gae Aulenti Square. This morning, Moody’s has promoted the outlook of the Austrian banking system from negative to stable given the reduced exposure to countries subject to political and economic risks, such as Russia and Ukraine and the more solid capital buffer light than expected.
At the same time, the Vienna banks have increased their exposure to less volatile markets such as the Czech Republic and Slovakia which should bring stable economic growth in the next 12-18 months, thereby counterbalancing the data risks from a domestic cooling scene. As assumed by the Moody’s, in fact, the Austrian economy is expected to expand, on average, only 1.3% per annum in the period 2016-2020, thus weakening the country’s ability to withstand possible shocks.
the rating agency expects to Austrian banks a stable asset quality, with non-performing loans of around 7% at the end of the year compared with 8.2% in 2015, it estimated that also includes the transfer of risky assets related to ‘central and Eastern Europe Bank Austria to the Italian parent. Also provided stable profitability of institutions, around 4-5 billion Euros per year, while the capitalization should improve with a Tier1 which should rise from 12.1% in 2015 to 13%, reflecting a generation of useful moderate and the absence of significant dividends. However, we must not forget that banks across the Alps are vulnerable to adverse scenarios, situations in which the aggregate Tier 1 would see a significant reduction.
No comments:
Post a Comment