Sunday April 20, 2014


question of the week

Survey results are meant for general information only, and are not based on recognised statistical methods.





Home »  News »  Business

World's oldest bank suspended from share trading in fallout from derivatives purchase


Banca Monte dei Paschi di Siena headquarter's main entrance in Milan is shown in a handout photo. The bank was established in 1472. THE CANADIAN PRESS/HO, BMPS

MILAN - Shares in the world's oldest running bank, Monte dei Paschi di Siena, have been suspended from trading after reports claimed that its profits will be hurt by financial derivatives it has bought.

The bank has come under market scrutiny after the daily Il Fatto Quotidiano reported that a purchase of derivatives three years ago threatens to cut 2012 earnings by at least €200 million ($293 million). The bank's former chairman, who reportedly approved the purchase, has resigned this week from the Italian banking association as a result.

Monte dei Paschi was suspended Wednesday from trading on the Milan Stock Exchange after dropping 8 per cent to €0.25.

The bank's board is to vote on Friday on capital increases that are key to clinching a government aid package of€3.9 billion.


Comments


NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Coast Reporter welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

blog comments powered by Disqus


About Us | Advertising | Contact Us | Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy
Business in Vancouver Whistler Question Squamish Chief Powell River Peak Real Estate Weekly My Local Flyers

LOG IN



Lost your password?