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Italian bank stocks rebound as government waters down windfall tax

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Italian bank shares rebounded after the government reduced a surprise windfall tax on excess profits. The finance ministry announced that the levy on net interest income would be capped at 0.1% of risk-weighted assets, calming market jitters.

all fell sharply during Tuesday trading wiping out more than 9 billion euros from the market capitalization of the Italian banking sector.

Finecobank shares recovered 6% by mid-morning on Wednesday, while Unicredit and BPER Banca were both up by more than 4%. Banco BPM and Intesa Sanpaolo each gained more than 3%.

 

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