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The fourth Lugano Banking Day highlighted the importance of cultivating framework conditions for businesses and citizens, focusing on taxation, human resources, and technology. Economist Sara Carnazzi Weber discussed recent tax reforms in Canton Ticino aimed at improving competitiveness, while concerns about high tax rates for wealthy individuals and the impact of geopolitical changes were raised by various speakers. The event also addressed the demographic crisis and the need for vocational training to tackle scarce human resources.
Elon Musk has labeled a fire that damaged over 17 Tesla cars at a dealership in Rome as an act of terrorism. This incident is part of a troubling trend of attacks on Tesla vehicles across Europe, which Musk highlighted in a post on X, simply stating "terrorism."
Slaughter cattle prices in the EU continued to rise, with young bulls averaging €631.20/100 kg BW, a 0.7% increase. Notable price hikes were seen in Belgium (27% premium), Ireland (2.5%), and Spain (1.3%). Slaughter cows also saw a boost, averaging €532.84/100 kg BW, up 1.7%, with Austria and Belgium leading the increases.
UBS Italia is implementing staff cuts due to significant losses in its private banking division, which is losing 1-2 billion euros in entrusted assets annually. The bank is shifting its focus to a wealth management boutique model, targeting clients with larger assets while divesting from smaller accounts. This restructuring reflects broader challenges faced by UBS across Europe, as profitability declines in various divisions.
UBS has maintained a "Buy" rating for Intesa Sanpaolo, setting a target price of 5.10 euros. Analyst Jason Napier noted increased interest from US investors in European banking stocks amid rising uncertainty over US tariffs, highlighting Intesa Sanpaolo among his top picks alongside Barclays, ING, and Santander.
Enel is under scrutiny from Barclays and UBS, with analysts noting potential surprises in 2025. Despite a challenging market, utilities like Enel are performing well, trading at a 13% discount to European peers, while offering a robust dividend yield of around 7% and projected EPS growth. UBS highlights a solid 2024 performance and an increased investment plan, suggesting attractive risk-return opportunities for shareholders.
ING is reportedly exploring a potential acquisition of Italian bank Popolare di Sondrio as part of its European expansion strategy. Preliminary discussions have taken place, but success is uncertain, especially with BPER Banca's existing €4.3 billion offer. Sondrio has engaged Bank of America and Morgan Stanley for defense and plans to redistribute €1.5 billion to shareholders to deter hostile bids.
UniCredit has secured approvals from the European Central Bank and the Bank of Italy for its bid to acquire Banco BPM. This regulatory clearance allows Italy’s market regulator, Consob, to proceed with the final review of the offer document, which is expected to be approved shortly.
Eva Pramstrahler, a board member of Raiffeisenkasse Algund, emphasizes the importance of diverse representation in decision-making roles, encouraging women to participate in committees. Her journey from banking to managing vacation apartments showcases her commitment to balancing family and work, supported by her family. Pramstrahler actively promotes female entrepreneurship and values strong relationships within her team, fostering a collaborative environment.
UniCredit Spa's board has approved a capital increase to support a full takeover bid for Banco BPM, excluding pre-emptive rights. This decision, made on March 30, follows a proxy from an extraordinary shareholders' meeting on March 27, and aims to issue new shares for Banco BPM shareholders. Additional documentation will be released on March 31, including a fairness opinion from KPMG.
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Ticino Banking Day Focuses on Taxation and Economic Framework for Growth
United States Dollar
Credit Suisse Strategic Income I
ITA
GBR
CHE
USA
Franco Polloni
Mauro De Stefani
Fabrizio Cieslakiewicz
Luca Pedrotti
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Alberto Petruzzella
Mauro Dell'Ambrogio
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22:46 31.03.2025
Elon Musk labels fire at Rome Tesla dealership as act of terrorism
22:18 31.03.2025
european union slaughter cattle prices continue upward trend in march
21:34 31.03.2025
ubs italy announces staff cuts amid declining assets and strategic shifts
19:02 31.03.2025
ubs maintains buy rating for intesa sanpaolo with target price of 5.10 euros
16:56 31.03.2025
enel attracts analyst attention with growth potential and shareholder returns
13:00 31.03.2025
ing explores acquisition of italian bank popolare di sondrio for expansion
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Banca Popolare di Sondrio S.p.A
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Sylvain Perret
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12:10 31.03.2025
unicredit secures approvals for banco bpm acquisition from regulators
11:40 31.03.2025
empowering women in leadership roles within cooperative organizations
10:17 31.03.2025
unicredit announces capital increase for takeover bid on banco bpm
09:48 31.03.2025
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