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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on February 8, 2024

    Featured image for article about Top Stories

    Swisscom profit rises on Fastweb growth, declines comment on Vodafone talks

    By Mateusz Dobrzyniewski and Anastasiia Kozlova

    (Reuters) -Swisscom met expectations with a 4.9% rise in full-year core profit on Thursday boosted by growth in its Fastweb business in Italy.

    Fastweb is seeing accelerating growth in its customer base, with revenue from both business and wholesale customers increasing despite lagging broadband demand in a tough market environment.

    Telecoms groups in Italy are exploring opportunities to consolidate a market grappling with shrinking revenue and margins.

    Britain’s Vodafone on Monday said it was in “active discussions” about a deal in Italy, after rejecting an offer from rival Iliad last month in favour of pursuing other options.

    Sources have said one of those options is a deal with Swisscom’s Fastweb.

    A Swisscom spokesperson declined to comment on the matter in an email to Reuters, saying the company would not publish any additional statements on Thursday.

    The group posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 4.62 billion Swiss francs ($5.29 billion) in 2023 while analysts had expected 4.61 billion, a company-compiled consensus showed.

    The former state telecoms monopoly said business in Italy continued to develop positively, with a 6.1% year-on-year increase in Fastweb’s revenue to 2.63 billion euros ($2.84 billion).

    For 2024, Swisscom expects revenue of around 11.00 billion Swiss francs, compared with 11.07 billion last year. It forecast annual EBITDA in a range of 4.5 billion to 4.6 billion francs.

    The company said it would propose a dividend of 22 francs per share for 2023, unchanged from a year earlier.

    ($1 = 0.8731 Swiss francs)

    ($1 = 0.9275 euros)

    (Reporting by Mateusz Dobrzyniewski and Anastasiia Kozlova in Gdansk; Editing by Milla Nissi and Jacqueline Wong)

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