Italy Steps In to Stabilize Banks -- Financials Roundup

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Banks, lenders and other financial companies were higher.

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Italy addressed long-standing worries about the solvency of its banking system. Authorities said Sunday they were prepared to spend as much as $19.03 billion as part of the shutdown of two regional banks, Veneto Banca and Banca Popolare di Vicenza. Shares of Intesa Sanpaolo, which is set to buy the best assets of two troubled Italian lenders for a token fee, rose more than 4%, while shares of other major Italian banks also rose.

Citigroup hired Karl-Georg Altenburg, a high-profile former J.P. Morgan Chase and Deutsche Bank investment banker, as a senior adviser, strategizing on the implications of Brexit, among other things.

-By Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

June 26, 2017 18:13 ET (22:13 GMT)