Investors evaluate openings on the possibility of returning to pay dividends. In Italy observed special Intesa Sanpaolo and Ubi Banca in view of the Antitrust decision on the oops
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Bank stocks still in the spotlight. After a positive start, which had allowed the prices to recover part of the losses on the eve, the shares of the sector returned to being targeted by sales. The reassurances of the head of the ECB Supervision, Andrea Enria, who explained that he believes, “if there is not a second wave of contagions and there will be a sufficiently solid recovery of the economy”, that restrictions on the payment of dividends do not seem sufficient “They can be withdrawn”, nor the new rumors about the possible creation of a European bad bank, have improved the mood of investors, leading them to rebuild some of the positions dismantled in the last few hours.
Just the new recommendation of the European Systemic Risk Board, which invited the banks and insurance authorities to extend the stop to coupons at least until January 1, 2021, on Tuesday June 9th had plunged bank stocks into deep red. As for the bad bank scenario, “the constitution” of a similar entity “at a supranational level had also been hypothesized in recent years, a project that did not materialize”, analysts of Equita recall. “Compared to the past – they add – given the exceptional nature of the situation involving all countries and, above all, the progress recorded by the banks in terms of convergence towards common standards, the chances of this project being realized are quite high”. “The news – the experts underline – would obviously be positive for the banking sector, even if the actual positive impact on the balance sheets will depend on the timing of implementation which could be much more delayed than the actual deterioration of the banks’ balance sheets”.
On Intesa-Ubi the Antitrust node
At a more specific level, in Piazza Affari, the arm wrestling continues in the Antitrust office on the oops launched by Intesa Sanpaolo on Ubi Banca. Yesterday the authority specified that it had not yet taken any decision and that the “Communication of the preliminary findings”, according to which the operation cannot currently be authorized, contains only “preliminary assessments”. A stall that penalizes Bper in the first place, whose role in the Intesa-Ubi oops is at the center of the debate in the Antitrust office. The institute is expected to take over 400-500 Ubi branches, an operation that the bank’s management has repeatedly called “strategic” and for which the meeting has already approved a capital increase of up to one billion. The current deadlock, however, makes the outcome of the deal more uncertain, especially as a possible expansion of the perimeter to be sold to meet the Antitrust stakes, could result in a greater, albeit limited, outlay by Bper.
(Il Sole 24 Ore Radiocor)