Italian Banks

Italy’s FTSE MIB index gains 0.8%, outperforming other major European markets.

UBI +3.2%, Banco BPM +2.7%, BPER Banca +2.4%,

Management tone is quite constructive, with confidence in executing NPE reduction without jeopardizing capital strength. Upbeat statements from third-party servicers on growth both on NPLs and UTPs (Unlikely to Pay)