Banco BPM
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| Sector | Banking |
Operational since January 1, 2017, Banco BPM is an Italian banking group of cooperative origin. It is present throughout Italy except for South Tyrol. [1]
Banco BPM was born from the merger between the Banca Popolare di Milano Group and Banco Popolare.
Banco BPM is the fourth largest banking group in Italy. It was established on January 1, 2017, following the merger between the Banca Popolare di Milano Group and Banco Popolare. As a cooperative institution, it is present throughout Italy, except for South Tyrol, and is characterized by a strong local presence. Its presence is particularly extensive in Lombardy - where it is the main operator with a market share of 15% - as well as in Piedmont and Veneto. It is listed on the Milan Stock Exchange in the FTSE MIB index. Banco BPM holds a market share of 7%, with assets amounting to 189 billion euros, 3.7 million customers, 19,278 employees, and 1,504 branches.
Banco BPM, the establishment in 2017
Banco BPM originates from the memorandum of understanding signed on March 23, 2016, between Banco Popolare, based in Verona, and Banca Popolare di Milano, based in Milan. The goal was to integrate the two cooperative banks. The boards of directors and management of the two banks ratified the memorandum on May 24, 2016. The agreement included a capital increase of Banco Popolare amounting to one billion euros, completed in June of the same year. The extraordinary meetings of the shareholders of the two banks simultaneously approved the merger on October 15, 2016: Banco Popolare with 99.5% of the participating shareholders and Banca Popolare di Milano with 71.79%. The merger became effective on January 1, 2017.
Share and exchange ratios at the time of the merger
Regarding the exchange ratios between the two institutions, these were determined as follows: one share of the newly formed Banco BPM for each share of Banco Popolare, one share of the newly formed Banco BPM for every 6.386 shares of BPM. This resulted in a shareholder presence of 54.6% from Banco Popolare and 45.4% from Banca Popolare di Milano. At the time of the merger, Banco BPM brought together approximately 25,000 employees, 4 million customers, and 2,300 branches.
Banco BPM, the stock market listing
The debut of the new shares of Banco BPM on the Italian Stock Exchange took place on January 2, 2017, generating a rise of 9.07%: 2.50 euros from the previous 2.292 euros of the former Banco Popolare, with a capitalization of 3,787.95 million euros.
Governance of Banco BPM
Currently, Banco BPM is led by Giuseppe Castagna as CEO and Massimo Tononi as chairman. As of April 14, 2021, the Board of Directors consists of fifteen members.
Related topics
- Banking
CEO
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