Banca Popolare di Milano
|Società cooperativa a responsabilità limitata|
|Traded as||BIT: PMI|
Number of locations
|655 branches, 9 corporate centres, 14 private banking centres, 27 family banking centres (2015)|
|Services||Retail, investment and private banking|
|Profit||€288.907 million (2015)|
|Total assets||€50.203 billion (2015)|
|Total equity||€4.627 billion (2015)|
Number of employees
|Capital ratio||11.53% (CET1)|
|Website||Official website (in Italian & English)|
|Footnotes / references
in consolidated basis
About 62% of the branches were from Lombardy (410); the group also had branches in Emilia-Romagna (28), Lazio (65), Apulia (36), Piedmont (87), Liguria (11), Veneto (7), Tuscany (5), Campania (2), Marche (1), Molise (1), Abruzzo (1) and Friuli– Venezia Giulia (1).
In 2016 it was announced that the bank would be merged with Banco Popolare.
The second cooperative bank in Italy (the first one was the Banca Popolare di Lodi), it was founded in 1865 in Milan by Luigi Luzzatti, who later served as the nation's Prime Minister. Luzzatti drew his inspiration from the 'credit associations' developed by Hermann Schulze-Delitzsch in Germany a decade earlier.
BPM has grown considerably since the 1950s by buying interests in other banks such as Banca Popolare di Roma, la Banca Briantea, Banca Agricola Milanese, Banca Popolare Cooperativa Vogherese, Banca Popolare di Bologna e Ferrara, Banca Popolare di Apricena, INA Banca, Cassa di Risparmio di Alessandria, Banca di Legnano and Banca Popolare di Mantova.
In 1999 Banca Popolare di Milano opened an online banking service called WeBank.
As subsidiary of Banco BPM
On 15 October 2016 the merger between Banca Popolare di Milano (BPM) and Banco Popolare was approved by the extraordinary shareholders meetings on 15 October 2016 of the two banks. As part of the merger, the branch of Banca Popolare di Milano would kept as a subsidiary by injecting the business into BPM's subsidiary Banca Popolare di Mantova and renamed into Banca Popolare di Milano S.p.A., which the new bank would be a subsidiary of Banco BPM.
The shareholders of Banco BPM would be composed by former shareholders of Banco Popolare and BPM in a proposed ratio of 54.626%-45.374% . After the capital increase of Banco Popolare in mid-2016, the final exchange ratio would be 1 share of Banco Popolare to 1 share of Banco BPM, as well as 6.386 share of Banca Popolare di Milano to 1 share of Banco BPM.
Banca Popolare di Milano also offered to repurchase the shares if the shareholders against the merger or absent from the extraordinary shareholders meeting, for a price of €0.4918.
- "2015 Bilancio" (PDF) (in Italian). Banca Popolare di Milano. 5 April 2016. Retrieved 12 April 2016.
- "STATUTO" [Articles of association] (PDF) (in Italian). Banca Popolare di Milano. 6 August 2015. Retrieved 12 April 2016.
- Henry W. Wolff. People's Banks. P.S. King & Son, London, 1910, pp. 254-319.
- "BPM AND BP MANTOVA APPROVE THE SPIN-OFF PLANNED AS PART OF THE MERGER BETWEEN BPM AND BANCO POPOLARE" (PDF). Banca Popolare di Milano. 22 September 2016. Retrieved 18 October 2016.
- "APPROVAL OF THE MERGER PROJECT BY BANCO POPOLARE AND BPM" (PDF). Banco Popolare / Banca Popolare di Milano. 24 May 2016. Retrieved 21 September 2016.
- "JOINT PRESS RELEASE" (PDF). Banco Popolare / Banca Popolare di Milano. 1 July 2016. Retrieved 21 September 2016.
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