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Banca Piccolo Credito Valtellinese SpA (PCVI.MI)

PCVI.MI on Milan Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Creval: Sale Of Mezzanine And Junior Notes To Investors Completed
Thursday, 14 Jun 2018 11:40am EDT 

June 14 (Reuters) - Creval SpA ::SAYS SALE TO INSTITUTIONAL INVESTORS OF 95 PERCENT OF MEZZANINE AND JUNIOR NOTES RETAINED BY CREVAL COMPLETED.  Full Article

Creval Buys 100% Stake In Claris Factor
Thursday, 7 Jun 2018 06:45am EDT 

June 7 (Reuters) - Creval ::SAYS SUBSCRIBED CONTRACT FOR THE PURCHASE OF 100% OF THE SHARE CAPITAL OF CLARIS FACTOR S.P.A..SAYS ACQUISITION VALUE IS EUR 5 MILLION.PLANS TO INCORPORATE CLARIS FACTOR INTO CREVAL PIÙFACTOR IN 2018.  Full Article

Creval Reaches Deal For Sale Of NPL Portfolio Of Gross Book Value of EUR 222 Mln
Tuesday, 8 May 2018 10:32am EDT 

May 8 (Reuters) - Banca Piccolo Credito Valtellinese SpA ::REACHES ANGREEMENT WITH CREDITO FONDIARIO FOR SALE OF NPL PORTFOLIO OF GROSS BOOK VALUE OF EUR 222 MILLION.PRICE OF SALE AMOUNTS TO ABOUT 41% OF GROSS BOOK VALUE.PORTFOLIO CONSISTS OF CREDIT EXPOSURES MAINLY TO REAL ESTATE COMPANIES.OPERATION WILL HAVE NEGLIGIBLE EFFECTS ON THE INCOME STATEMENT FOR THE CURRENT YEAR.  Full Article

Creval Closure Of 50 Branches By Next May 27
Monday, 16 Apr 2018 02:57pm EDT 

Banca Piccolo Credito Valtellinese SpA ::CLOSURE OF 50 BRANCHES BY NEXT MAY 27.AGREEMENT ENVISAGES AN EARLY RETIREMENT PLAN FOR 170 EMPLOYEES WHO WILL FULFIL PENSION REQUIREMENTS NO LATER THAN 31 DECEMBER 2024.INITIATIVES AIMED AT REDUCING COSTS CONTINUE IN LINE WITH TARGETS SET IN 2018-2010 BUSINESS PLAN.AGREEMENT WAS WITH TRADE UNIONS FOR MANAGING REDUNDANCIES, THROUGH USE OF SOLIDARITY FUND FOR CREDIT SECTOR FOR 170 PEOPLE.INTERESTED EMPLOYEES MAY ACCESS, ON A VOLUNTARY BASIS, EXTRAORDINARY BENEFITS OF SOLIDARITY FUND FOR CREDIT SECTOR, STARTING FROM 1 JULY 2018.TOTAL NO OF EMPLOYEES WILL BE 3.730 AT 2018 YEAR END, IN LINE WITH TARGET OF BUSINESS PLAN WITH CUMULATED STAFF REDUCTION OF 767 EMPLOYEES.AGREEMENT WILL ALLOW SAVINGS ON PERSONNEL EXPENSES FOR ABOUT 7.5 MILLION EUROS IN 2018 AND FOR 15 MILLION EUROS ON ANNUAL BASIS STARTING FROM 2019.ONE-OFF COSTS FOR IMPLEMENTING THE LAYOFFS SCHEME AND RETIREMENT INCENTIVES ESTIMATED AT APPROXIMATELY 61 MILLION EUROS.AGREEMENT ENVISAGES MEASURES IN TERMS OF WORK-LIFE BALANCE AND GRANT FURTHER SAVINGS WITH ADDITIONAL SAVINGS AT REGIME OF AROUND EUR 13 MILLION.  Full Article

Creval To Sell NPL Portfolio For Gross Book Value Of Over EUR 245 Mln
Friday, 6 Apr 2018 04:35am EDT 

April 6 (Reuters) - BANCA PICCOLO CREDITO VALTELLINESE SPA ::SIGNS AGREEMENT WITH ALGEBRIS INVESTMENTS TO SELL NPL PORTFOLIO FOR GROSS BOOK VALUE OF OVER EUR 245 MILLION.PRICE OF THE SALE IS OVER 43 PERCENT OF GROSS BOOK VALUE.THE PORTFOLIO CONSISTS OF CREDIT EXPOSURES MAINLY TO REAL ESTATE COMPANIES.OPERATION WILL HAVE NEGLIGIBLE EFFECTS ON THE INCOME STATEMENT FOR THE CURRENT YEAR.  Full Article

Credit Agricole Italy Head Says not looking at Carige, Creval
Wednesday, 21 Mar 2018 09:25am EDT 

March 21 (Reuters) - Credit Agricole Italy head Giampiero Maioli says::NOT LOOKING AT ITALY'S CARIGE OR CREVAL FOR POTENTIAL M&A.  Full Article

Creval Sells All Rights Not Exercised During Rights Issue Option Period
Thursday, 15 Mar 2018 08:04am EDT 

March 15 (Reuters) - CREVAL ::ALL RIGHTS NOT EXERCISED DURING OPTION PERIOD FOR SUBSCRIPTION OF NEWLY ISSUED ORDINARY SHARES HAVE BEEN SOLD.1,870,923 RIGHTS SOLD ALLOW FOR SUBSCRIPTION OF 1.18 BILLION SHARES FOR AGGREGATE AMOUNT OF EUR 118.0 MILLION.  Full Article

Italy's Creval sells all unexercised rights to buy into share issue
Thursday, 15 Mar 2018 04:17am EDT 

March 15 (Reuters) - Italian regional lender Creval: :SOLD ALL UNEXERCISED RIGHTS TO BUY INTO SHARE ISSUE IN THIRD DAY OF AUCTION.SHARES IN CREVAL UP 4.4 PERCENT AFTER SELLING ALL UNEXERCISED RIGHTS.  Full Article

Creval says business plan envisages 803 mln euro capital strengthening
Saturday, 17 Feb 2018 03:18pm EST 

Feb 17 (Reuters) - Italian lender Banca Piccolo Credito Valtellinese (Creval) says in prospectus on planned capital increase::CASH CALL WORTH 699.66 MLN EUROS NOT SUFFICIENT TO FUND ALL STRATEGIC ACTIONS ENVISAGED IN 2018-2020 BUSINESS PLAN.BUSINESS PLAN ENVISAGES CAPITAL STRENGTHENING IN TOTAL WORTH 803 MILLION EUROS.BANK OF ITALY HAS TOLD BANK IT FACES SIGNIFICANT DIFFICULTIES IN RESTORING ADEQUATE PROFITABILITY.BANK OF ITALY FOUND DELAYS IN LENDER'S CLASSIFICATION OF LOANS AS IMPAIRED AND PROVISIONING POLICY.SUFFERED SIGNIFICANT LIQUIDITY OUTFLOWS IN NOVEMBER 2017 AFTER NEW BUSINESS PLAN, RATING DOWNGRADES.MARKET REGULATOR CONSOB STARTED INSPECTION ON JAN 23 THIS YEAR ON A SERIES OF ISSUES INCLUDING FINANCIAL PRODUCTS SOLD TO CLIENTS.  Full Article

Italy's Creval signs cash call underwriting agreement with banks
Thursday, 15 Feb 2018 01:00am EST 

Feb 15 (Reuters) - Italy's Credito Valtellinese (Creval) says::UNDERWRITING AGREEMENT FOR CAPITAL INCREASE SIGNED BY BANKS.BANKS ARE MEDIOBANCA, BANCO SANTANDER, BARCLAYS, CITIGROUP, CREDIT SUISSE, COMMERZBANK, SOCIÉTÉ GÉNÉRALE, BANCA AKROS, EQUITA SIM, KEEFE, BRUYETTE & WOODS AND MAINFIRST.  Full Article

Italian bond pressure hits Creval hardest among banks

MILAN, May 21 Credito Valtellinese's shares fell 6 percent on Monday as the prospect of a big-spending government further cut the value of Italian bonds held by the country's banks.