Latest news with #IntesaSanpaolo
Yahoo
6 days ago
- Business
- Yahoo
ECB's Panetta warns crypto losses can harm confidence in banks
By Valentina Za ROME (Reuters) -European Central Bank policymaker and Bank of Italy Governor Fabio Panetta called on Friday for close monitoring of the reputational risks banks face in providing crypto-asset services, warning that losses could harm the trust of customers. Presenting the Bank of Italy's annual report, Panetta warned about the growing links between the world of crypto-assets and the traditional financial system, pointing to the rising number of accords between banks and digital asset providers. "Crypto-asset holders might not fully understand their nature and conflate them with traditional banking products, with potentially negative repercussions for confidence in the credit system should losses occur," Panetta said. Italy's biggest bank Intesa Sanpaolo in January carried out what CEO Carlo Messina described as "a test", by buying 1 million euros in bitcoins, the world's largest digital currency. Intesa set up a proprietary trading desk for digital assets in 2023, and last year started handling spot trades with crypto-assets. Spain's Santander is weighing a digital asset expansion, including early-stage plans to offer a stablecoin as well as access to cryptocurrencies for retail customers of its digital bank, Bloomberg reported on Thursday. Panetta said stablecoins, which are designed to maintain a stable value against underlying currencies or assets, posed a threat to traditional means of payments if large foreign-based technology platforms decided to promote their use. "In the absence of adequate regulation, their suitability as a means of payment is doubtful, to say the least," he said. The central banker warned, however, that it would be foolish to think that the spread of crypto-assets, including stablecoins, can be curbed simply by imposing restrictions. "What is needed is a response that matches the ongoing technological transformation," he said, adding that "the digital euro project stems precisely from this need." The European Central Bank is working to develop a digital currency to compete with private alternatives that risk undermining the role of central bank money. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CNA
6 days ago
- Business
- CNA
ECB's Panetta warns crypto losses can harm confidence in banks
ROME :European Central Bank policymaker and Bank of Italy Governor Fabio Panetta called on Friday for close monitoring of the reputational risks banks face in providing crypto-asset services, warning that losses could harm the trust of customers. Presenting the Bank of Italy's annual report, Panetta warned about the growing links between the world of crypto-assets and the traditional financial system, pointing to the rising number of accords between banks and digital asset providers. "Crypto-asset holders might not fully understand their nature and conflate them with traditional banking products, with potentially negative repercussions for confidence in the credit system should losses occur," Panetta said. Italy's biggest bank Intesa Sanpaolo in January carried out what CEO Carlo Messina described as "a test", by buying 1 million euros in bitcoins, the world's largest digital currency. Intesa set up a proprietary trading desk for digital assets in 2023, and last year started handling spot trades with crypto-assets. Spain's Santander is weighing a digital asset expansion, including early-stage plans to offer a stablecoin as well as access to cryptocurrencies for retail customers of its digital bank, Bloomberg reported on Thursday. Panetta said stablecoins, which are designed to maintain a stable value against underlying currencies or assets, posed a threat to traditional means of payments if large foreign-based technology platforms decided to promote their use. "In the absence of adequate regulation, their suitability as a means of payment is doubtful, to say the least," he said. The central banker warned, however, that it would be foolish to think that the spread of crypto-assets, including stablecoins, can be curbed simply by imposing restrictions. "What is needed is a response that matches the ongoing technological transformation," he said, adding that "the digital euro project stems precisely from this need." The European Central Bank is working to develop a digital currency to compete with private alternatives that risk undermining the role of central bank money.
Zawya
6 days ago
- Business
- Zawya
ECB's Panetta warns crypto losses can harm confidence in banks
ROME - European Central Bank policymaker and Bank of Italy Governor Fabio Panetta called on Friday for close monitoring of the reputational risks banks face in providing crypto-asset services, warning that losses could harm the trust of customers. Presenting the Bank of Italy's annual report, Panetta warned about the growing links between the world of crypto-assets and the traditional financial system, pointing to the rising number of accords between banks and digital asset providers. "Crypto-asset holders might not fully understand their nature and conflate them with traditional banking products, with potentially negative repercussions for confidence in the credit system should losses occur," Panetta said. Italy's biggest bank Intesa Sanpaolo in January carried out what CEO Carlo Messina described as "a test", by buying 1 million euros in bitcoins, the world's largest digital currency. Intesa set up a proprietary trading desk for digital assets in 2023, and last year started handling spot trades with crypto-assets. Spain's Santander is weighing a digital asset expansion, including early-stage plans to offer a stablecoin as well as access to cryptocurrencies for retail customers of its digital bank, Bloomberg reported on Thursday. Panetta said stablecoins, which are designed to maintain a stable value against underlying currencies or assets, posed a threat to traditional means of payments if large foreign-based technology platforms decided to promote their use. "In the absence of adequate regulation, their suitability as a means of payment is doubtful, to say the least," he said. The central banker warned, however, that it would be foolish to think that the spread of crypto-assets, including stablecoins, can be curbed simply by imposing restrictions. "What is needed is a response that matches the ongoing technological transformation," he said, adding that "the digital euro project stems precisely from this need." The European Central Bank is working to develop a digital currency to compete with private alternatives that risk undermining the role of central bank money. (Reporting by Valentina Za, editing by Gavin Jones)
Reuters
6 days ago
- Business
- Reuters
ECB's Panetta warns crypto losses can harm confidence in banks
ROME, May 30 (Reuters) - European Central Bank policymaker and Bank of Italy Governor Fabio Panetta called on Friday for close monitoring of the reputational risks banks face in providing crypto-asset services, warning that losses could harm the trust of customers. Presenting the Bank of Italy's annual report, Panetta warned about the growing links between the world of crypto-assets and the traditional financial system, pointing to the rising number of accords between banks and digital asset providers. "Crypto-asset holders might not fully understand their nature and conflate them with traditional banking products, with potentially negative repercussions for confidence in the credit system should losses occur," Panetta said. Italy's biggest bank Intesa Sanpaolo ( opens new tab in January carried out what CEO Carlo Messina described as "a test", by buying 1 million euros in bitcoins, the world's largest digital currency. Intesa set up a proprietary trading desk for digital assets in 2023, and last year started handling spot trades with crypto-assets. Spain's Santander ( opens new tab is weighing a digital asset expansion, including early-stage plans to offer a stablecoin as well as access to cryptocurrencies for retail customers of its digital bank, Bloomberg reported on Thursday. Panetta said stablecoins, which are designed to maintain a stable value against underlying currencies or assets, posed a threat to traditional means of payments if large foreign-based technology platforms decided to promote their use. "In the absence of adequate regulation, their suitability as a means of payment is doubtful, to say the least," he said. The central banker warned, however, that it would be foolish to think that the spread of crypto-assets, including stablecoins, can be curbed simply by imposing restrictions. "What is needed is a response that matches the ongoing technological transformation," he said, adding that "the digital euro project stems precisely from this need." The European Central Bank is working to develop a digital currency to compete with private alternatives that risk undermining the role of central bank money.
Reuters
26-05-2025
- Business
- Reuters
Intesa CEO rules out any deal taking national savings out of Italian hands
MILAN, May 26 (Reuters) - Intesa Sanpaolo's CEO on Monday ruled out taking part in any deal that would take the management of national savings out of Italian hands, saying he recognised some financial sector mergers and acquisitions had national security concerns. Intesa has kept out of the M&A wave sweeping Italian banking, but bankers have been expecting it to make a move to preserve its market leadership since CEO Carlo Messina was handed a new three-year term in April. Messina said on Monday his bank could consider specific asset management or private banking deals, but added that Intesa was well aware of being an element of national security for Italy with the 1.4 trillion euros ($1.6 trillion) in customer financial assets it manages. "I would never do it as an Italian, but I'm not so naive as to think that Intesa could just decide to take those savings elsewhere. That it would be free to do that," Messina told the annual meeting of the Italian FABI banking union. Referring to special powers Rome has to vet banking deals on grounds of national security, he said 'golden power' rules "are part of the new world we live in". Italy's biggest insurer Generali ( opens new tab has sparked alarm in Rome by announcing a deal with French banking group BPCE to merge their respective asset management businesses, Generali Investments Holding and Natixis Investment Managers. The deal has met opposition from leading Generali shareholders and has been criticised by the government. Generali has indicated it could drop it, opens new tab if it cannot dispel Rome's concerns. On Monday, Messina said deals were unfolding in a way that was not in line with markets' best practice standards and was "not elegant, drawing unwanted attention to Italy". Messina also warned that retail investors could lose money by investing in banks and insurers whose share prices have been inflated by M&A premiums. "I don't hear anyone mentioning it. I'd worry about this were I in charge of protecting retail savings," he said. ($1 = 0.8789 euros)
