UniCredit eyes a new era in European banking
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 September 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
The Italian lender UniCredit has amassed a 9 per cent stake in Commerzbank, and US inflation fell to 2.5 per cent in August. Plus, Argentines are declaring hundreds of millions of dollars of previously hidden savings in a tax amnesty and Mexico’s Senate approved a radical plan to have voters elect all its judges.
Mentioned in this podcast:
US inflation falls to 2.5% in August
UniCredit’s push for European bank consolidation looks on target
Javier Milei’s tax amnesty lures Argentines to declare hidden millions
Mexico’s Senate approves radical plan to elect all judges
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At equinore. |
| 0:11.0 | Good morning from the Financial Times. Today is Thursday, September 12th, and this is your |
| 0:17.6 | F.T. news briefing. U.S. inflation data out yesterday is paving the way for an interest rate cut. |
| 0:25.2 | And an Italian lender could kick start a new era of bank consolidation in Europe. |
| 0:31.2 | Plus, Argentina's president is using a tax amnesty program to find the country's |
| 0:36.6 | hidden dollars. I'm Kasha Bursalian and here's the news you need to start your |
| 0:41.3 | day. Italy's Una Credit Bank has taken a 9% stake in Germany's Comerts Bank. |
| 1:01.6 | The move is being seen as a precursor to a possible |
| 1:05.3 | takeover and it's one that could lead to a wave of consolidation in European |
| 1:10.1 | banking. I'm joined now by Camilla Palladino a Lex writer for the FT. Hey Camilla. |
| 1:15.6 | Hi. |
| 1:16.6 | So give me some of the details here. What's behind UNIC Credit's decision to build a |
| 1:21.3 | stake in Com in Commerce Bank? |
| 1:23.0 | Well, you know credits been on the prowl. |
| 1:25.0 | You know credits done very well. |
| 1:27.0 | It's got a lot of capital. |
| 1:29.0 | Its share prices done very well. |
| 1:30.0 | They have a boss who used to be a former investment banker and |
| 1:34.8 | M&A banker, and they've been widely seen as a |
| 1:38.0 | consolidator and they've identified Comets Bank and you know they've |
... |
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