Tag Archives: Banking Services (TRBC level 3)

UPDATE 1-Italian regulator investigates RBM Intesa, Previmedical for health insurance complaints | Instant News


* Probe triggered by more than 1,000 complaints

* Intesa received the RBM Salut earlier this year

* Intesa says standards have been improved, complaints have decreased (Adding Intesa’s statement)

ROME, November 26 (Reuters) – Italy’s antitrust authorities said on Thursday it had opened an investigation into the businesses of the RBM Salute Intesa Sanpaolo and Previmedical for alleged unfair commercial practices in health insurance services.

Regulators said in a statement that they had received more than 1,000 complaints about possible “aggressive commercial practices” by the two groups that had led to customers giving up the service and reimbursement they were entitled to.

Clients say they face requests to provide redundant documentation, delays in obtaining authorization for required care and difficulties in contacting call centers. Some failed to get reimbursed for their health services for no good reason, regulators said.

The regulator said it had carried out inspections at the headquarters of the two companies on Wednesday with the help of the Italian financial police.

Intesa Sanpaolo said the complaint was related to the period before the acquisition of RBM Salute in May 2020.

“Since that date, concrete steps have been taken to align the quality of service provided to customers with the high standards held by the entire Intesa Sanpaolo group,” said Italy’s largest bank.

Intesa said complaints had halved in the first nine months of this year compared to the same period in 2018, with only 0.07% of customers being insured.

Previmedical did not reply to a Reuters email seeking comment. (Reporting by Francesca Piscioneri, additional reporting by Maria Pia Quaglia and Valentina Za in Milan; Editing by Elaine Hardcastle)

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The Apax-led consortium exits auction for Italian Cedacri: source | Instant News


LONDON / MILAN (Reuters) – A consortium of funding to buy Apax and digital services company Reply has quit the auction process for Italian banking software company Cedacri, two sources told Reuters, leaving three bidders vying for control of the 44-year-old business. .

IT consultancy Accenture and Italian IT service provider Engineering, which is backed by Bain Capital, submitted a rival bid for Cedacri ahead of the mid-November deadline and have advanced to the second stage of the auction, said the source, who spoke on condition of anonymity as a matter of concern. personal.

Dublin-based financial software and data provider ION, led by Italian businessman Andrea Pignataro, is the third bidder left in the process, the sources said.

The company, which provides anything from banking solutions, cloud services, big data and advanced analytics to more than 70 banks, is already worth more than 1 billion euros ($ 1.19 billion), representing a multiple of more than 10 times its core revenue. around 100 million euros, the source said.

Cedacri and the bidders declined to comment.

Discussions with Accenture, Engineering and ION are expected to gain momentum in the coming weeks, the sources said, such as when bidders will be able to conduct due diligence on the business, which is based in the northern Italian city of Parma.

Private equity fund Apax has teamed up with Reply to provide industry expertise but its bid has failed to go forward, the sources said.

Cedacri, who is being advised by Deutsche Bank, aims to complete the process before the end of the year but deadlines for final bids have not been set and negotiations may slip through to January, the sources said.

The company, led by boss Corrado Sciolla, is backed by an Italian state-backed FSI fund, with a 27% stake, and by 14 other financial institutions including Unipol and Banca Mediolanum.

Its investors are hoping to take advantage of a whopping valuation for fintech assets and can receive a binding offer that values ​​the company between 1 and 1.5 billion euros, the sources said.

Reporting by Pamela Barbaglia and Elisa Anzolin; Edited by Kirsten Donovan and David Gregorio

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The Apax-led consortium exits auction for Italian Cedacri: source | Instant News


LONDON / MILAN (Reuters) – A consortium of funding to buy Apax and digital services company Reply has quit the auction process for Italian banking software company Cedacri, two sources told Reuters, leaving three bidders vying for control of the 44-year-old business. .

IT consultancy Accenture and Italian IT service provider Engineering, which is backed by Bain Capital, submitted a rival bid for Cedacri ahead of the mid-November deadline and have advanced to the second stage of the auction, said the source, who spoke on condition of anonymity as a matter of concern. personal.

Dublin-based financial software and data provider ION, led by Italian businessman Andrea Pignataro, is the third bidder left in the process, the sources said.

The company, which provides anything from banking solutions, cloud services, big data and advanced analytics to more than 70 banks, is already worth more than 1 billion euros ($ 1.19 billion), representing a multiple of more than 10 times its core revenue. around 100 million euros, the source said.

Cedacri and the bidders declined to comment.

Discussions with Accenture, Engineering and ION are expected to gain momentum in the coming weeks, the sources said, such as when bidders will be able to conduct due diligence on the business, which is based in the northern Italian city of Parma.

Private equity fund Apax has teamed up with Reply to provide industry expertise but its bid has failed to go forward, the sources said.

Cedacri, who is being advised by Deutsche Bank, aims to complete the process before the end of the year but deadlines for final bids have not been set and negotiations may slip through to January, the sources said.

The company, led by boss Corrado Sciolla, is backed by an Italian state-backed FSI fund, with a 27% stake, and by 14 other financial institutions including Unipol and Banca Mediolanum.

Its investors are hoping to take advantage of a whopping valuation for fintech assets and can receive a binding offer that values ​​the company between 1 and 1.5 billion euros, the sources said.

Reporting by Pamela Barbaglia and Elisa Anzolin; Edited by Kirsten Donovan and David Gregorio

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Accenture and ION among the competing quartets for Italian Cedacri: source | Instant News


MILAN (Reuters) – IT consultancy Accenture and international fintech firm ION Group are among four bidder groups that have made indicative bids for Italian banking software and back-office group Cedacri, two sources told Reuters.

Italian IT service provider Engineering, backed by Bain Capital, is also competing for control of Cedacri along with the private equity fund consortium Apax and Italian digital services group Reply, said the source, who spoke on condition of anonymity as the matter was personal.

Cedacri and the bidders declined to comment.

Cedacri, who was advised by Deutsche Bank, aims to identify the preferred bidder by the end of the year, the sources said, adding that the deal is worth more than 1 billion euros ($ 1.19 billion).

Cedacri is supported by the Italian state-backed FSI fund, with a 27% stake, and by 14 other financial institutions including Banca Mediolanum, Gruppo Banco Desio and Unipol.

The sale is still in its early stages but discussions are expected to gain momentum in the coming weeks, the sources said.

The Italian daily Il Sole reported earlier on Wednesday that Cedacri was initially exploring an initial public offering (IPO) but its focus has gradually shifted to selling a majority stake.

The company, based in the northern Italian city of Parma, reported revenues of 383 million euros in 2019, with adjusted core profit of 81.2 million euros, up 50% compared to 2018.

Reporting by Elisa Anzolin; editing by Pamela Barbaglia, Kirsten Donovan

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Australian, NZ shares rose as Biden’s transition, increasing the risk assets of the vaccine | Instant News


* Australian finances record their highest levels since March 5

* Australian energy stocks advanced for the third session

* Fletcher NZ Building recorded highest level in more than 2 years (Renewal closed)

November 25 (Reuters) – Australian stocks closed higher on Wednesday, lifted by the start of US President-elect Joe Biden’s official transition to the White House and as investors also expected a rapid economic revival due to advances in the coronavirus vaccine.

The S & P / ASX 200 index ended 0.6% higher at 6,683.300 points.

“Thanks to the many vaccines that will be available soon,” Joy to the World “is ringing earlier than expected,” wrote Stephen Innes, head of global market strategy at Axi in a note.

The Dow Jones Industrial Average broke the 30,000 level overnight for the first time on optimism surrounding vaccine progress and Biden’s transition.

“Get a glimpse of the current market and there’s not much to say about those worries. It’s like a positive risk nirvana has gone down in the stock market and traders have little trouble other than going with the flow ”, said Chris Weston of Pepperstone.

Meanwhile, Australia’s most populous state of New South Wales is set to loosen social distancing restrictions and allow restaurants and pubs to increase capacity starting December, after recording nearly three weeks of no local transmission of COVID-19.

Up by 4%, energy companies were the biggest percentage gainers on the benchmark as crude oil prices rose for the fourth straight session.

Finance added more than 2% with the “Big Four” bank ending in black. Analysts at UBS expect the bank to increase its payout ratio and potentially return the excess capital from fiscal 2021.

Miners also gained as benchmark iron ore futures snapped two consecutive sessions of losses with Lynas Corp and BHP Group topping the sub-index with more than 3% gains each.

In New Zealand, the benchmark S & P / NZX 50 was up for the third straight session to be 0.9% higher.

The central bank said Wednesday it will reimpose mortgage restrictions next year amid growing fears of a housing bubble.

The country’s biggest construction company surged to its highest level since November 2018 on an optimistic profit outlook and dividend payback plans. (Reporting by Deepali Saxena, Editing by Sherry Jacob-Phillips)

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