Banco BPM

Banco BPM S.p.A. is an Italian bank that started to operate on 1 January 2017, by the merger (approved by the board of directors on 24 May 2016) of Banco Popolare and Banca Popolare di Milano (BPM). The bank is the third largest retail and corporate banking conglomerate in Italy (in terms of total assets in 2016), behind Intesa Sanpaolo and UniCredit. The bank had dual headquarters in Verona and Milan respectively.

The shares of the bank is a constituent of Italian blue chip index FTSE MIB; in 2018 Forbes Global 2000, Banco BPM was ranked the 831st.^[2] Banco Popolare and BPM, then Banco BPM have been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence Banco BPM is directly supervised by the European Central Bank.^[3]^[4]

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History

As of 1 January 2017^[update], the date of formation, Banco BPM is the third largest retail and commercial banking conglomerate by pro forma total assets in Italy, behind UniCredit and Intesa Sanpaolo, and surpassing the former third largest bank Banca Monte dei Paschi di Siena (€164.385 billion at mid-2016). Although the Bank of Italy, the central bank, and Cassa Depositi e Prestiti (CDP), the national investment bank, technically have larger total assets than Banco BPM, they operate in a different line of business.

As of 30 June 2016^[update], Banco Popolare had total assets of €123.699 billion and net assets of €8.876 billion in a consolidated basis,^[5] while Banca Popolare di Milano (BPM) had a total assets of €49.698 billion and a net assets of €4.571 billion.^[6] 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 are the former shareholders of Banco Popolare and Banca Popolare di Milano in a proposed ratio of 54.626%:45.374%.^[7] After the capital increase of Banco Popolare in mid-2016, the final exchange ratio for the merger was 1 share of Banco Popolare to 1 share of Banco BPM, as well as 6.386 shares of Banca Popolare di Milano to 1 share of Banco BPM.^[8]

Banco Popolare and BPM themselves were both originated as Popular Banks (Italian: banca popolari), a kind of co-operative bank in Italy, based in cities such as Bergamo, Verona, Modena, Novara and Lodi (Banco Popolare) and Milan, Rome (BPM) respectively. They merged and acquired many banca popolare and cassa di risparmio (savings bank) to become the 4th and 9th largest retail and commercial banking conglomerate (excluding CDP) as of 31 December 2015, in terms of total assets, according to a study of Mediobanca.^[9] Banco Popolare and Banca Popolare di Milano were about to demutualize in 2016, due to Italian Law No.3 of 2015, but the two banking group forming a new public società per azioni directly, instead of demutualize themselves. A new subsidiary, Banca Popolare di Milano S.p.A., would be establish to run the brand of BPM for a few years. Eventually BPM's subsidiary Banca Popolare di Mantova S.p.A. became the new Banca Popolare di Milano S.p.A..

On 10 February 2017, the "year zero" financial results was announced. Due to 2016 capital increase of Banco Popolare, the new banking group had a pro forma CET1 capital ratio of 12.30% at 31 December 2016.^[10]

In the first year of establishment, the bank sold its asset management subsidiary Aletti Gestielle SGR to Anima Holding for €700 million.^[11]^[12] In the next year, the bank securitized a bad loans portfolio of €5.1 billion gross book value, credited it as "Project Exodus" and sold the securities to the market. The bank also applied for Garanzia sulla Cartolarizzazione delle Sofferenze (GACS), a state guarantee scheme for the senior tranche of the securities.^[13]

Controversies

The current Banco BPM CEO Giuseppe Castagna has been investigated because he gave bank fundings for millions Euro towards his Communion and Liberation personal friends facing several conflicts of interest, receiving business favors from them in 2012; but the accusation has been archived in 2016.^[14]^[15]

He was later investigated to be involved with insider trading practices for Banca Popolare di Milano (Banco BPM branch) in 2017 but the accusation has been archived in May 2018.^[16]^[17]^[18]

References

^ "FY 2019 Group Results Presentation" (PDF). Banco BPM. Retrieved 26 April 2020.
^ "The World's Largest Public Companies List [2008]". Forbes. 2018 [circa]. Retrieved 23 June 2018.
^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
^ "Consolidated half-yearly report at 30 June 2016" (PDF). Banco Popolare. 13 September 2016. Archived from the original (PDF) on 12 October 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) (Press release). Banco Popolare, Banca Popolare di Milano. 24 May 2016. Retrieved 21 September 2016.
^ "Joint Press Release" (PDF) (Press release). Banco Popolare, Banca Popolare di Milano. 1 July 2016. Retrieved 21 September 2016.
^ "Le Principali Banche Italiane" (PDF). Le principali società italiane (in Italian) (2016 ed.). Mediobanca: 298–299. 25 October 2016. ISSN 1721-274X. Retrieved 23 June 2018.
^ "Results as at 31 December 2016" (PDF) (Press release). Banco BPM. 10 February 2017. Archived from the original (PDF) on 14 February 2017. Retrieved 13 February 2017.
^ "Closing of the disposal of Aletti Gestielle SGR S.p.A." (PDF) (Press release). Banco BPM. 28 December 2017. Retrieved 23 June 2018.
^ "BRIEF-Banco BPM confirms sale of Aletti Gestielle to Anima". Reuters. 5 August 2017. Retrieved 23 June 2018.
^ "Banco BPM completes "Project Exodus"" (PDF) (Press release). Verona: Banco BPM. 19 June 2018. Retrieved 23 June 2018.
^ "Riciclaggio, i soldi nelle casseforti lussemburghesi di Intesa Sanpaolo e Ubi e quell'inchiesta archiviata - Il Fatto Quotidiano". July 2016.
^ Malagutti, Vittorio; Riva, Gloria (June 30, 2016). "Soldi in Lussemburgo, ecco i nomi" [Money in Luxembourg, here are the names]. L'Espresso (in Italian).
^ "Nozze Banco-Bpm, Procura Milano apre un fascicolo d'indagine per aggiotaggio - Il Fatto Quotidiano". 13 January 2017.
^ "Insider".
^ Reuters

External links

Official website

FTSE MIB companies of Italy

Banco BPM

Subsidiaries

Banca Popolare di Milano
Banca Akros
Banca Aletti
Aletti Gestielle SGR
ProFamily
SGS BP

joint ventures

Popolare Vita
Avipop Assicurazioni
Avipop Vita

Divisions

BPV	Banca Popolare di Verona Banco S.Geminiano e S.Prospero Banco San Marco Banca Popolare di Trentino Cassa di Risparmio di Imola
BPN	Banca Popolare di Novara Banco Popolare Siciliano Banco Popolare Centro Sud
BPL	Banca Popolare di Lodi Cassa di Risparmio di Lucca Pisa Livorno Banco di Chiavari e della Riviera Ligure Banca Popolare di Cremona Banca Popolare di Crema
Creberg	Credito Bergamasco

Former subsidiaries

Category

v t e Members of the Euro Banking Association
Austria	Bank für Tirol und Vorarlberg BKS Bank Erste Group Bank Oberbank Oesterreichische Nationalbank Raiffeisen Bank International Raiffeisenlandesbank Oberösterreich UniCredit Bank Austria
Belgium	Belfius BNP Paribas Fortis bpost bank KBC Bank
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v t e Banking in Italy
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Global banks (Supervised by ECB)	UniCredit Intesa Sanpaolo Banca IMI Mediocredito Italiano Banca Apulia UBI Banca
Nationwide and multi-regional banks (Supervised by ECB)	Banco BPM Banca Aletti Banca Popolare di Milano Banca Monte dei Paschi di Siena MPS Capital Services Mediobanca Compass Banca Esperia BPER Banca Banco di Sardegna Banca di Sassari C.R. Bra C.R. Saluzzo Credito Emiliano Banca Popolare di Sondrio
Multi-regional (total assets €30b to €8b)	Banca Mediolanum Banca Sella Holding Banca Sella Banca Patrimoni Sella Banco di Desio e della Brianza Banca Popolare di Spoleto Banca di Asti Biverbanca Südtiroler Volksbank – Banca Popolare dell'Alto Adige Südtiroler Sparkasse – Cassa di Risparmio di Bolzano
Multi-regional and regional cooperative bank (Popolari banks)	Banca Agricola Popolare di Ragusa Banca Valsabbina Banca Popolare di Puglia e Basilicata Banca Popolare di Cividale Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d'Italia Banca Popolare Pugliese Banca di Piacenza Banca di Credito Popolare Banca Popolare del Lazio Banca Popolare del Cassinate Banca Popolare Valconca Banca Popolare Etica Banca Popolare Sant'Angelo Sanfelice 1893 Banca Popolare Banca Popolare di Lajatico Banca Popolare di Fondi Banca Popolare del Frusinate
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Regional retail bank	Cassa di Risparmio di Ravenna Banco di Lucca e del Tirreno Banca di Imola Banca di Cambiano Cassa di Risparmio di Cento ChiantiBanca Cassa Padana Cassa di Risparmio di Volterra Cassa di Risparmio di Fossano Banca del Fucino Cassa di Risparmio di Fermo Banca del Piemonte Banca CR Savigliano Banco Azzoaglio
others	Banca Generali Banca IFIS Banca Finnat Banca Ubae Banca Leonardo Banca Farmafactoring FinecoBank Unione Fiduciaria Credito Fondiario Banca Passadore Banca Sistema Banca Profilo Mercury Nexi Setefi
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Ancient banks	Bank of Saint George Banco di Santo Spirito Istituto Bancario San Paolo di Torino Medici Bank Mount of piety Faenza Foggia Parma Perugia Reggio Emilia Treviso Udine Verona Vicenza
Related topics	List of banks in Italy Associazione Bancaria Italiana Associazione di Fondazioni e di Casse di Risparmio S.p.A. Associazione Nazionale fra le Banche Popolari Fondo Interbancario di Tutela dei Depositi Italian National Resolution Fund

This page was last edited on 15 March 2024, at 22:18

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