Banco BPM S.p.A. is an Italian bank that started to operate on 1 January 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 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.
|Banco BPM S.p.A.|
|società per azioni|
|Traded as||BIT: BAMI|
|Founded||1 January 2017|
Number of locations
|2,320 domestic branches, excluding foreign subsidiaries and representative offices (2017)|
|Total assets||€161.21 billion (end 2017)|
|Total equity||€11.90 billion (end 2017)|
|Capital ratio||12.36% (Group CET1, end 2017)|
|Footnotes / references|
in consolidated financial statement
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, while Banca Popolare di Milano (BPM) had a total assets of €49.698 billion and a net assets of €4.571 billion. 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%. 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.
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. Banco Popolare and Banca Popolare di Milano were about to demutualize in 2016, due to Italian Law №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.
In the first year of establishment, the bank sold its asset management subsidiary Aletti Gestielle SGR to Anima Holding for €700 million. 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.
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.
Aviva plc is a British multinational insurance company headquartered in London, United Kingdom. It has about 33 million customers across 16 countries. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider.
Aviva also has a focus on the markets in Europe and in Asia and, in particular, on the growth markets of China and South East Asia. Aviva is also the second largest general insurer in Canada. Aviva has a primary listing on the London Stock Exchange, and is a constituent of the FTSE 100 Index.BPM
BPM may refer to:
Beats per minute (heart rate), the number of heartbeats detected during one minute
Beats per minute, a measurement of tempo in musicBanca Agricola Popolare di Ragusa
Banca Agricola Popolare di Ragusa S.C.p.A. is an Italian cooperative bank based in Ragusa, Sicily.
The bank had 95 branches inside the island (33 in the Province of Ragusa; 32 in the Province of Catania; 18 in the Province of Siracusa; 11 in the Province of Messina and 1 in Enna, in the Province of Enna) The bank was absent in 4 other provinces in the island, plus one branch in mainland Italy in Milan.Banca Akros
Banca Akros is an Italian bank based in Milan, Italy and it is a subsidiary of Italian Banco BPM bank. Banca Akros was founded by Gianmario Roveraro, in Milan on 1997.In 1998 it is part of Banca Popolare di Milano that it was merged in 2017 with Banco Popolare becoming Banco BPM.Banca Monte dei Paschi di Siena
Banca Monte dei Paschi di Siena S.p.A. (Italian pronunciation: [ˈbaŋka ˈmonte dei ˈpaski di ˈsjɛːna]), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 (547 years ago) and founded in its present form in 1624 (395 years ago), it is the world's oldest or second oldest bank, depending on the definition, and the fourth largest Italian commercial and retail bank.In 1995 the bank, then known as Monte dei Paschi di Siena, was transformed from a statutory corporation to a limited company called Banca Monte dei Paschi di Siena (Banca MPS). The Fondazione Monte dei Paschi di Siena was created to continue the charitable functions of the bank and to be, until the bailout in 2013, its largest single shareholder. Today Banca MPS has approximately 2,000 branches, 26,000 employees and 5.1 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking.According to a research by Mediobanca and a press release by Banco BPM, Banco BPM overtook BMPS as the third largest commercial bank in terms of total assets on 31 December 2016, after Banco BPM formal formation on 1 January 2017. In 2016–17, BMPS was struggling to avoid a collapse, and was bailed out again by the Italian government in July 2017.
On 5 October, Monte dei Paschi di Siena announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio (BMPB) to a company participated by funds managed by Warburg Pincus. The sale price was set at €42 million, subject to an adjustment mechanism.Banca Popolare di Mantova
Banca Popolare di Mantova S.p.A. was an Italian cooperative bank based in Mantua, Lombardy. Including the headquarters, the bank operated at 17 locations.Banca Popolare di Milano
Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank, was founded in 1865, however, due to the merger and the foundation of Banco BPM, the original branches of BPM as well as some businesses were injected to another legal person and BPM's subsidiary Banca Popolare di Mantova, which was renamed to Banca Popolare di Milano S.p.A. on 1 January 2017.
Before the merger, BPM was a listed company on the Borsa Italiana (Milan Stock Exchange); after the merger, only the parent company Banco BPM is a listed company.
As of 31 December 2016, before the merger, the bank had 656 branches, including private banking and corporate banking centres; about 61% of the branches of BPM were from Lombardy (390); 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).After the merger, As of 31 December 2017, Banca Popolare di Milano, excluding Banca Akros, had 604 branches.Banca Popolare di Novara
Banca Popolare di Novara was an Italian cooperative bank based in Novara, Pidemont. The bank was absorbed into parent company Banco Popolare in 2011 (Banco Popolare itself was merged in 2017 to form Banco BPM). However, the former company still operates as a division and a brand of the group.Cassa di Risparmio di Asti
Cassa di Risparmio di Asti known as Banca CR Asti or just Banca di Asti, is an Italian saving bank based in Asti, Piedmont. It serves Piedmont and Lombardy regions.Cassa di Risparmio di Lucca Pisa Livorno
Cassa di Risparmio di Lucca Pisa e Livorno S.p.A. was an Italian saving bank based in Lucca. It was a subsidiary of Banco Popolare and currently a sub-division (under BPL) and brand of the group Banco BPM.Crediop
Dexia Crediop S.p.A. is an Italian bank specializing in financing public infrastructure. It was part of Dexia Group, as the owner of 70% shares. Banco Popolare, Banca Popolare di Milano and Banca Popolare dell'Emilia Romagna owned 10% each as minority shareholders.Credito Bergamasco
Credito Bergamasco (Creberg) was an Italian bank based in Bergamo, Lombardy. The bank was acquired by Banca Popolare di Verona – Banco S. Geminiano e S. Prospero S.c.a.r.l. in 1997. The bank remained as a list company in Borsa Italiana until 2014. In 2014 it was absorbed into Banco Popolare S.C.. However, the former bank remained as a division of the company.
The bank covered Lombardy region, except Province of Sondrio (no Banco Popolare existence), Province of Lodi (belongs to Banca Popolare di Lodi), Province of Cremona (belongs to Banca Popolare di Cremona and Crema), Province of Pavia (belongs to Banca Popolare di Novara) and Province of Mantova (belongs to Banca Popolare di Verona).FTSE MIB
The FTSE MIB (Milano Indice di Borsa) (the S&P/MIB prior to June 2009) is the benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. The index consists of the 40 most-traded stock classes on the exchange. The index was administered by Standard & Poor's from its inception until June 2009, when this responsibility was passed to FTSE Group, which is 100% owned by the Borsa Italiana's parent company London Stock Exchange Group.Landesbank Berlin Holding
Landesbank Berlin Holding (formerly Bankgesellschaft Berlin) (FWB: BEB2 is a large commercial bank based in Berlin, Germany. It is the holding company of the Berliner Sparkasse and Landesbank. In 2007, LBB was taken over by the Deutscher Sparkassen- und Giroverband (DSGV). Berlin was forced to sell its stake by the European Commission as a condition of permitting the bailout of the then Bankgesellschaft Berlin, which had gotten into difficulties due to a real-estate scandal. In 2010, a net profit of EUR 317 million was reported.List of banks in Italy
Italy had 11 banking group (excluding banking group that owned by foreign banks) that were supervised by the European Central Bank directly. According Mediobanca, there are more than 350 banking groups or independent banks as of 2017. However, ECB considered ICCREA Banca, the clearing house of Italian cooperative banks federation as one banking group, which the publication of Mediobanca considered the cooperative banks are individual entities, such as Banca di Credito Cooperativo di Roma was ranked 22nd in the publication, while ICCREA Banca and Bank of Italy were excluded from the publication.Mediobanca
Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli (at that time CEO of Banca Commerciale Italiana, the largest commercial bank in Italy which promoted its incorporation together with Credito Italiano) and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry. Cuccia led Mediobanca from 1946 to 1982. Today, it is an international banking group with offices in Frankfurt, London, Madrid, Luxembourg, New York and Paris.Nexi
Nexi S.p.A. formerly known as Istituto Centrale delle Banche Popolari Italiane S.p.A. (ICBPI) is an Italian bank that specialise in payment systems such as Nexi Payments (formerly known as CartaSi). The bank was specialised as a central institution of Italian Popular Bank. (Italian: Banca Popolare).Società per azioni
Società per azioni (S.p.A. or SpA) is a form of corporation in Italy, meaning "company with shares" (although often translated as "joint-stock company", which may or may not be a limited liability entity). It is equivalent to S.A. or public limited company in other countries. However, S.p.A. has some differences from plc or S.A.
The other common form of corporation in Italy was società a responsabilità limitata (s.r.l.) (literally: limited liability company). S.p.A. issued shares (Italian: azioni), while in s.r.l. the unit was quote/stock of share capital. Moreover, the articles of association of s.r.l. allowed different allocation of profit and assets, which was more comparable to a limited partnership.Since 2016, banks are required to run as S.p.A. if their assets are more than a defined threshold. This saw the blue chips of the FTSE MIB Index: Banco BPM, BPER Banca, UBI Banca, demutualized from s.c.p.a., s.c. a.r.l., or s.c. legal forms (respectively, co-operative company by shares, co-operative company with limited liabilities, and co-operative company).
FTSE MIB companies of Italy
(Supervised by ECB)
|Nationwide and multi-regional banks|
(Supervised by ECB)
(total assets €30b to €8b)
regional cooperative bank
|Co-operative banks (BCC)|
and central banks
|Regional retail bank|