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Banco BPM

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Banco BPM S.p.A.
Company typeSocietà per azioni
BIT: BAMI
ISINIT0005218380
IndustryFinancial services
Predecessor
Founded1 January 2017 (2017-01-01)
Headquarters
Milan, Italy(registered office)
Verona, Italy(general office)
Number of locations
2,320 domestic branches, excluding foreign subsidiaries and representative offices (2017)
Key people
Carlo Fratta Pasini(chairman)
Giuseppe Castagna(CEO)
Brands
List
Services
  • retail banking
  • investment banking
  • corporate banking
  • insurance (via joint venture)
  • financial leasing
RevenueIncrease €4.293 billion (2019)
Decrease €1.689 billion (2019)
Increase €797 million (2019)
Total assetsIncrease €202.131 billion (end 2023)
Total equityIncrease €11.861 billion (end 2019)
Subsidiaries
Capital ratioIncrease 13.3% (Group CET1, end 2019)
Websitewww.bancobpm.it
Footnotes / references
in consolidated financial statement[1]

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]

History

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Palazzo Scarpa [it] in Verona, the general office of Banco BPM

As of 1 January 2017, 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, 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]

On 6 November 2024, Banco BPM announced that its Unit Vita launches voluntary tender offer for the shares of Anima Holding with the aim to get 67 % of Anima and then delist it from Euronext.[14]

Controversies

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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.[15][16]

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.[17][18][19]

Shareholders

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As of 2024[20]
Shareholder Stake (% of ordinary shares)
Crédit Agricole SA - Delfinances SAS 9.18%
BlackRock, Inc. 5.24%
Fondazione Enasarco 3.01%

References

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  1. ^ "FY 2019 Group Results Presentation" (PDF). Banco BPM. Retrieved 26 April 2020.
  2. ^ "The World's Largest Public Companies List [2008]". Forbes. 2018 [circa]. Retrieved 23 June 2018.
  3. ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  4. ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  5. ^ "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.
  6. ^ "Relazione finanziaria semestrale del Gruppo Bipiemme al 30 giugno 2016" (PDF) (in Italian). Banca Popolare di Milano. 12 August 2016. Retrieved 21 September 2016.
  7. ^ "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.
  8. ^ "Joint Press Release" (PDF) (Press release). Banco Popolare, Banca Popolare di Milano. 1 July 2016. Retrieved 21 September 2016.
  9. ^ "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.
  10. ^ "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.
  11. ^ "Closing of the disposal of Aletti Gestielle SGR S.p.A." (PDF) (Press release). Banco BPM. 28 December 2017. Retrieved 23 June 2018.
  12. ^ "BRIEF-Banco BPM confirms sale of Aletti Gestielle to Anima". Reuters. 5 August 2017. Retrieved 23 June 2018.
  13. ^ "Banco BPM completes "Project Exodus"" (PDF) (Press release). Verona: Banco BPM. 19 June 2018. Retrieved 23 June 2018.
  14. ^ "Banco BPM launches tender offer for Anima Holding at 9 percent premium". 6 November 2024.
  15. ^ "Riciclaggio, i soldi nelle casseforti lussemburghesi di Intesa Sanpaolo e Ubi e quell'inchiesta archiviata - Il Fatto Quotidiano". July 2016.
  16. ^ Malagutti, Vittorio; Riva, Gloria (June 30, 2016). "Soldi in Lussemburgo, ecco i nomi" [Money in Luxembourg, here are the names]. L'Espresso (in Italian).
  17. ^ "Nozze Banco-Bpm, Procura Milano apre un fascicolo d'indagine per aggiotaggio - Il Fatto Quotidiano". 13 January 2017.
  18. ^ "Insider".
  19. ^ Reuters
  20. ^ "Banco Bpm". borsaitaliana.it. borsaitaliana.it. Retrieved 24 September 2024.
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