Banco BPM
Native name | Banco BPM S.p.A. |
|---|---|
| Company type | |
| TBA by Borsa Italiana | |
| Industry | Financial services |
| Predecessor | |
| Founded | 2017 |
| Headquarters |
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Key people |
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| Services |
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Banco BPM S.p.A. is an Italian bank that would start to operate in 2017, by the merger of Banco Popolare and Banca Popolare di Milano (BPM) (approved by the board of directors on 24 May 2016). The bank would be the third largest retail and corporate banking conglomerate in Italy.
History
Banco Popolare and BPM themselves were both originated as People's Bank (Template:Lang-it), a kind of co-operative bank in Italy, based in Bergamo, Verona, Modena, Novara and Lodi (Banco Popolare) and Milan (BPM). They merged and acquired many Banca Popolare and Cassa di Risparmio (saving bank) to become the 4th and 10th largest retail and commercial banking conglomerate in 2014, in terms of total assets, according to a study of Ricerche e Studi, a subsidiary of Mediobanca.[1] Banco Popolare and Banca Popolare di Milano were about to demutualize in 2016, due to Italian Law N°3/2015, but the two banknig group forming a new limited company directly, instead of demutualize themselves. A new subsidiary, Banca Popolare di Milano S.p.A., would be incorporated to run the brand of BPM for a few years.
After the merger, the bank would be the third largest retail and commercial banking conglomerate by total assets in Italy, suppressing Banca Monte dei Paschi di Siena (€164.385 billion at mid-2016). However, Banco BPM would still behind Intesa Sanpaolo, the largest bank in Italy by total assets, as well as UniCredit, the only bank in Italy that was classified as a global systemically important bank. Moreover, Bank of Italy, the central bank, and Cassa Depositi e Prestiti, the national investment bank, had a larger total assets than Banco BPM, but a different genre of banking.
At 30 June 2016 Banco Popolare had a total assets of €123.699 billion and a net assets of €8.876 billion in a consolidated basis,[2] while Banca Popolare di Milano had a total assets of €49.698 billion and a net assets of €4.571 billion.[3] However, they had a similar size in terms of market capitalization, both already suppressed Banca Monte dei Paschi di Siena.
The shareholders of Banco BPM would be composed by former shareholders of Banco Popolare and Banca Popolare di Milano in a proposed ratio of 54.626%-45.374% .[4] 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.[5]
References
- ^ "LE PRINCIPALI BANCHE ITALIANE" (PDF) (in Italian). Ricerche e Studi. 10 November 2015. Retrieved 21 February 2016.
- ^ "Consolidated half-yearly report at 30 June 2016" (PDF). Banco Popolare. 13 September 2016. Retrieved 21 September 2016.
- ^ "Relazione finanziaria semestrale del Gruppo Bipiemme al 30 giugno 2016" (PDF) (in Italian). Banca Popolare di Milano. 12 August 2016. Retrieved 21 September 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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| Public banks |
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| Global banks (Supervised by ECB) |
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| Nationwide and multi-regional banks (Supervised by ECB) | ||
| Multi-regional (total assets €30b to €8b) | ||
| Multi-regional and regional cooperative bank (Popolari banks) |
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| Co-operative banks (BCC) and central banks |
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| Regional retail bank |
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| others |
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| Foreign banks | ||
| Ancient banks | ||
| Related topics |
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