Wednesday,
October 01, 2008
Berlusconi Promises to Protect Italian
Banks Against Speculators
The
ANNOTICO Report
Unicredit
Trading Suspended After
Associated
Press
October
1, 2008,
Trading in shares of
Shares were
trading at 2.55 euros ($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
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 key measure of a bank's 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 1 trillion euros ($1.43 trillion) in
assets. It is among
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