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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  UniCredit SpA    UCG   IT0004781412

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Former UniCredit CEO, 19 Others to Stand Trial for "Brontos"

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06/05/2012 | 11:26am CET

By Oscar Bodini and Christopher Emsden

ROME--Former UniCredit SpA (>> UniCredit SpA) Chief Executive Alessandro Profumo and 19 other bank officials will have to stand trial for their role in agreeing "Brontos," a financial swap, that investigators say was designed to avoid taxes.

Laura Marchiondelli, a judge in Milan, indicted Profumo--who is now Chairman of Banca Monte dei Paschi di Siena SpA (>> Banca Monte dei Paschi di Siena SpA) and the others Tuesday, accepting the request of prosecutors led by Alfredo Robledo, MF-Dow Jones reported.

The trial's first hearing was set for Oct. 1.

Mr. Profumo and UniCredit have both stated that they acted correctly in the Brontos deal, which was similar to structured-finance transactions entered into by most Italian banks in recent years.

The Milan court had impounded EUR245 million from UniCredit when the charges first emerged last year, but has since released those funds.

-Write to Oscar Bodini of MF-Dow Jones and Christopher Emsden at chris.emsden@dowjones.com

Order free Annual Report for BANCA MPS (MONTE PASCHI SIENA)

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Stocks mentioned in the article : UniCredit SpA, Banca Monte dei Paschi di Siena SpA
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Financials (€)
Sales 2016 21 915 M
EBIT 2016 8 499 M
Net income 2016 -3 082 M
Debt 2016 -
Yield 2016 4,13%
P/E ratio 2016 -
P/E ratio 2017 7,20
Capi. / Sales 2016 0,74x
Capi. / Sales 2017 0,77x
Capitalization 16 188 M
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Number of Analysts 25
Average target price 3,07 €
Spread / Average Target 17%
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Jean-Pierre Mustier Chief Executive Officer
Giuseppe Vita Chairman
Ranieri de Marchis Co-Chief Operating Officer
Francesco Giordano Co-Chief Operating Officer
Marina Natale Chief Financial Officer
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