Mediobanca, Iran banks agree to open credit line
Article Abstract:
Mediobanca SpA, an Italian merchant bank, has sealed a pact with six Tehran, Iran-based and state-controlled banks to launch a credit line worth $1.2 billion. The six Iranian banks include Bank Melli Iran, Bank Sanat Va Madan, Bank Saderat Iran, Bank Mellat, Bank Sepah and Bank Tejarat. The accord will be used to cover the costs of Italian industrial machinery and equipment, according to the Foreign Trade Ministry. Also, 20% of the credit line, the largest by a European nation since the 1979 Iranian revolution, is intended at supporting supplies by small- and medium sized firms.
Comment:
Is one of 6 Tehran, Iran-based & state-controlled bks that signed pact w/ Mediobanca SpA to launch a credit line worth $1.2 bil
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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BCI shares seen rising after cost-cuttig program
Article Abstract:
Banca Commerciale Italiana (BCI), an Italian lender, sees its shares rising after cost-cutting program and move to generate more commission income from asset management and other services. More details about BCI's new strategic plan, which includes the raised return-on-equity targets, will be unveiled during a Jun. 29, 1998, presentation. The company recently increased its goal for return on equity in 1998 to 10% from 7.3% and changed its target for 2000 to 16% from 10%. BCI also cancelled its planned merger with Banca di Roma earlier in June 1998.
Comment:
Sees its shares rising after cost-cutting program & move to generate more commission income from asset management and other svcs
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Italian banks get ready to discuss huge merger
Article Abstract:
Banca di Roma and Banca Commerciale Italiana are close to taking on investment bankers to analyze a merger which would form the biggest bank in Italy. Banca Commerciale Italiana is reportedly in talks with Merrill Lynch & Co. while Banca di Roma is negotiating with Goldman Sachs& Co. Banca di Roma has capitalization of some 20 trillion lire and consolidated assets of 207 trillion lire. In contrast, Banca Commerciale Italiana has capitalization worth roughly 18 trillion lire and consolidated assets of 204 trillion lire at the end of 1997.
Comment:
With Banca di Roma, is close to hiring investment bankers to analyze merger w/c would form biggest bank in Italy
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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