Italy

In the scope of the rationalisation programme of the factoring activities of the UniCredit group, UniCredit Factoring has purchased the share participation of Grifo Factor owned by Banca dell'Umbria 1462 S.p.A.

Economists fear the world's sixth-largest economy, recently surpassed by China, appears hobbled by structural weaknesses that could make de-industrialisation more painful than in the US or the UK.

The Bologna public prosecutor's office last week began an investigation into the possibility of factoring fraud at the failed Italian food group Parmalat.

BCR has spoken to staff at the Grand Hotel Parco dei Principi in Rome, the venue for BCR’s recent international factoring conference, after receiving the news of the devastating fire that broke out there on Saturday.

In June 2003, Fortis Lease Group announced its intention to have a branch of its own in every country in which Fortis Bank has a Business Centre by 2008. With the opening of Fortis Lease Italia in Milan, Fortis Lease Group has met its goal.

Monte dei Paschi Leasing & Factoring (MPS) have announced a net profit of Ђ6m, and total commissions of Ђ4bn in 2003.

Intesa Mediofactoring, a unit of Banca Intesa SpA has announced its full year net profit, which rose 27.1% to Ђ28.2 million compared to 2002.

Prosecutors investigating the collapse of Italian food group Parmalat yesterday seized documents from Archimede Securitization, a unit of Italian factoring company Eureka, which belongs to US bank Citigroup.

Factoring company Sanpaolo IMI, the European Investment Bank (EIB) and Fiat will sign a memorandum of understanding in Turin to grant an EIB loan to automotive enterprises working with Fiat Auto.

The board of administration of the Monte dei Paschi di Siena (MPS) Foundation agreed an investment in Finanziaria Senese di Sviluppo (Fi.Se.S.) Spa by capital increase.