Italian Banks Rise as Bond Buyback Rules Changed: Milan Mover
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Italian lenders climbed in Milan, leading gains in the European Stoxx 600 Banks Index, after the Bank of Italy allowed more flexibility in buying back subordinated bonds.
UniCredit SpA, Italy’s biggest bank, rose as much as 4.4 percent, and was up 14 cents to 3.93 euros by 11 a.m., giving the bank a market value of 22.8 billion euros ($30 billion). Intesa Sanpaolo SpA, the second-largest lender, increased as much as 4.8 percent, and was up 5.7 cents to 1.52 euros. The FTSE Italia All-Share Banks Index gained 4 percent.