BPVN reiterates 2008-2010 targets, Italease is 'question mark' on 2007 UPDATE |
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Published
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Mon, 11 Jun 2007 15:00
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(Updating with further comments)MILAN (Thomson Financial) - Banco Popolare di Verona e Novara chief executive Fabio Innocenzi reaffirmed the bank's earning targets for 2008-2010.'We are not changing at all our 2008, 2009, and 2010 earning expectations,' Innocenzi said during a conference call with analysts.On 2007, he said currently the bank has no reason to change its expectations 'despite the question mark' of Banca Italease, which last week announced it may launch a capital increase to resolve its financial situation.On Friday, Italease named a new CEO and said its exposure to clients with derivative positions surged to 600 mln eur from 400 mln just two weeks before.BPVN has a 30 pct stake in Italease, booked at 20 eur per share, he said.Italease stock has lost some 50 pct over the last month.'We have no visibility in terms of the potential impact of Italease on earnings, but we have full visibility of the positive effects of the (recent) bancassurance deal,' Innocenzi said.Last month, BPVN signed a bancassurance deal with Fondiaria-SAI SpA which will generate a capital gain of some 200 mln eur more than previously expected. BPVN is due to merge with Banca Popolare Italiana on July 1.Innocenzi also repeated that the bank remains 'strongly committed' to Italease, but declined to say whether BPVN would let its stake be diluted in case of a capital hike.On its share buyback programme, he said the bank is going ahead as planned.danilo.masoni@thomson.combsd/dm/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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BPVN CEO reiterates 2008-2010 targets, says Italease is 'question mark' on 2007 