Banco BPM

Banco BPM S.p.A. is an Italian banking group that began operations on 1 January 2017 following the merger of Banco Popolare and Banca Popolare di Milano, commonly known as BPM. The combination brought together two large institutions with roots in Italy’s historic cooperative-popular banking movement and created one of the country’s largest retail and commercial banking groups. At formation, the new bank ranked behind UniCredit and Intesa Sanpaolo by pro forma total assets and served a broad domestic customer base through retail branches, business banking, corporate finance, wealth management, insurance and related financial services. The group has dual headquarters in Milan and Verona, reflecting the historical identities and operating centers of its predecessor institutions. Its business is primarily concentrated in Italy, where it serves households, small and medium-sized enterprises, larger companies, institutions and private clients. Typical activities include current accounts, payments, deposits, mortgages, consumer finance, lending to businesses, investment products, asset management, insurance distribution and advisory services. Banco BPM’s domestic orientation distinguishes it from the most internationally diversified Italian banking groups, although it participates in European banking markets and is directly supervised by the European Central Bank as a significant institution. The merger was shaped by regulatory and structural changes affecting Italian popolari banks. Italian Law No. 3 of 2015 required large cooperative popular banks to change their governance structure. Rather than simply converting the two predecessor groups separately, the transaction created a new public limited company, Banco BPM S.p.A., while a subsidiary retained the Banca Popolare di Milano brand for a period. The transaction was approved by the predecessor boards on 24 May 2016 and became operational at the start of 2017. The exchange structure reflected the relative contributions of the two banks: former Banco Popolare shareholders received approximately 54.626% of the new group and former BPM shareholders approximately 45.374%. Banco BPM entered the market while the Italian banking sector was dealing with weak profitability, high non-performing loan levels and pressure to strengthen capital. In its first reported period, the group disclosed a pro forma common-equity Tier 1 ratio of 12.30% at 31 December 2016. It subsequently pursued balance-sheet simplification and the reduction of legacy problem loans. One notable early transaction was the sale of asset-management subsidiary Aletti Gestielle SGR to Anima Holding. The group also carried out Project Exodus, a securitization of a gross non-performing-loan portfolio of approximately €5.1 billion, using Italy’s GACS state-guarantee framework for the senior tranche. Banco BPM has been a constituent of Italy’s FTSE MIB blue-chip index and remains a publicly traded banking company. Its strategic profile has increasingly included the development of fee-generating businesses and closer control of asset-management and insurance activities. In November 2024, its insurance unit announced a voluntary tender offer for Anima Holding, initially targeting a controlling stake and the possible delisting of Anima. The offer was launched at €7 per Anima share in March 2025, with a stated overall consideration of approximately €1.55 billion; by early April 2025, Banco BPM’s stake had reached about 90%, giving it control of Anima. The transaction followed a regulatory disagreement concerning the proposed use of the so-called Danish Compromise for capital treatment. Banco BPM also became the subject of strategic interest from UniCredit, which announced a €10.1 billion takeover bid on 25 November 2024. The approach placed the bank at the center of consolidation discussions in Italy and highlighted its scale, domestic distribution network and strategic asset-management exposure. Separately, the group has maint…

Banco BPM grew out of the consolidation of two major Italian popular banks: Banco Popolare and Banca Popolare di Milano. Both predecessor groups developed through the historical Italian banca popolare model, in which locally rooted cooperative banks served households, merchants and businesses in particular cities and regions. Banco Popolare brought together institutions associated with locations including Bergamo, Verona, Modena, Novara and Lodi, while BPM was historically centered on Milan and had additional activities elsewhere in Italy. Over time, both groups expanded through mergers and acquisitions involving other popular banks and savings banks. By the middle of the 2010s, the two groups were substantial national banking organizations, although the Italian banking sector was under significant pressure from low growth, impaired loans and regulatory reform. Italian Law No. 3 of 2015 required the largest popular banks to abandon the traditional cooperative structure and adopt a public limited-company form. Banco Popolare and BPM prepared a combination in response to this environment. Their boards approved the merger on 24 May 2016, and the new Banco BPM S.p.A. commenced operations on 1 January 2017. The transaction created a new listed banking company rather than merely converting each predecessor independently. The ownership allocation gave former Banco Popolare shareholders approximately 54.626% of Banco BPM and former BPM shareholders approximately 45.374%. The agreed exchange mechanics included one Banco Popolare share for one Banco BPM share and 6.386 BPM shares for one Banco BPM share. A subsidiary was established to preserve and operate the BPM identity for a period, while Banca Popolare di Mantova was subsequently transformed into the new Banca Popolare di Milano subsidiary. At its formation, Banco BPM was described as Italy’s third-largest retail and commercial banking conglomerate by pro forma total assets, behind UniCredit and Intesa Sanpaolo. The group inherited a wide branch footprint and a large domestic customer base. It also became a significant institution under the European Banking Supervision framework and was therefore directly supervised by the European Central Bank. The bank’s shares joined the FTSE MIB, Italy’s principal blue-chip equity index. The new group’s early years focused partly on capital strength and legacy credit quality. Its first reported “year zero” results, announced in February 2017, indicated a pro forma CET1 ratio of 12.30% at the end of 2016. In 2017, Banco BPM sold Aletti Gestielle SGR, its asset-management subsidiary, to Anima Holding for €700 million. In the following year, it completed Project Exodus, a securitization involving a non-performing-loan portfolio with a gross book value of about €5.1 billion. The transaction used the Italian GACS state-guarantee mechanism for the senior securities, supporting the disposal of distressed exposures from the balance sheet. Banco BPM continued to operate principally as an Italian retail and corporate bank, with additional activities in wealth management, asset management and insurance distribution. Its strategic development later placed greater emphasis on fee-generating businesses and on the relationship between banking, insurance and asset management. In November 2024, the group announced a voluntary tender offer for Anima Holding through its insurance unit. The offer was intended to secure a controlling interest and potentially remove Anima from the Euronext market. In March 2025, Banco BPM launched the offer at €7 per share for an overall consideration of approximately €1.55 billion. A disagreement with the European Central Bank concerned whether Banco BPM could apply the Danish Compromise, a capital-treatment provision relevant to bank acquisitions of asset managers through insurance structures. Despite the regulatory objection, the transaction continued, and Banco BPM’s stake reached approximately 90% by early April 2025. The group also became the target of a €10.1 billion takeover bid announced by UniCredit on 25 November 2024. That approach underscored Banco BPM’s importance in the continuing consolidation of Italian banking. Alongside its financial activities, Banco BPM has maintained brand visibility through sponsorship and commercial partnerships, including its premium partnership with AC Milan, which began in 2013 and was renewed in 2023. The bank’s modern history is consequently defined by the merger of two historic regional institutions, post-merger balance-sheet repair, listed-bank governance, expansion of wealth-related capabilities and participation in the strategic restructuring of Italy’s financial sector.

• 2025

  Anima offer launched

  [1]Banco BPMen.wikipedia.org

  Banco BPM launched its Anima buyout offer at €7 per share, with stated total consideration of approximately €1.55 billion.

• 2025

  Control of Anima achieved

  [1]Banco BPMen.wikipedia.org

  Banco BPM's stake in Anima reached approximately 90% by early April 2025, giving the bank control of the asset manager.

• 2025

  Banco BPM obtains control of Anima

  [1]Banco BPMen.wikipedia.org

  Following its €7-per-share offer, Banco BPM’s stake in Anima reached approximately 90% by early April.

• 2024

  Anima tender offer announced

  [1]Banco BPMen.wikipedia.org

  Banco BPM announced a voluntary tender offer for Anima Holding, seeking a controlling stake and a possible delisting.

• 2024

  UniCredit takeover bid announced

  [1]Banco BPMen.wikipedia.org

  UniCredit announced a takeover bid for Banco BPM valued at approximately €10.1 billion.

• 2024

  UniCredit announces bid for Banco BPM

  [1]Banco BPMen.wikipedia.org

  UniCredit launched a proposed takeover bid for Banco BPM.

• 2023

  AC Milan partnership renewed

  [1]Banco BPMen.wikipedia.org

  Banco BPM renewed its premium partnership with AC Milan, extending a relationship that began in 2013.

• 2018

  Project Exodus non-performing-loan securitization

  [1]Banco BPMen.wikipedia.org

  The group securitized a non-performing-loan portfolio with a gross book value of approximately €5.1 billion and applied for Italy's GACS guarantee scheme for the senior tranche.

• 2017

  Banco BPM begins operations

  [1]Banco BPMen.wikipedia.org

  Banco BPM commenced operations on 1 January 2017 as the new listed banking group formed by the two predecessor institutions.

• 2017

  Sale of Aletti Gestielle SGR

  [1]Banco BPMen.wikipedia.org

  Banco BPM sold its asset-management subsidiary Aletti Gestielle SGR to Anima Holding for €700 million.

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A large, domestically focused Italian banking group serving households, small and medium-sized enterprises, corporations and private clients through retail banking, business lending, wealth management and insurance-related services. A large, Italian-focused universal bank with historic cooperative-bank roots, emphasizing retail and SME relationships while expanding its wealth-management and asset-management capabilities.

• Personal banking · 2017

  Retail banking

  Banco BPM provides everyday banking services for individuals and families, including current accounts, deposits, payment cards, transfers and digital banking access. Its retail franchise also supports household borrowing, savings and investment needs through the group's domestic distribution network of branches, relationship managers and digital channels. Banco BPM provides everyday banking services for individuals, including current accounts, deposits, payment cards, digital banking, transfers, and other payment facilities. Its retail franchise is rooted in Italy and is delivered through a combination of branches, relationship managers, and digital channels.

• Lending · 2017

  Mortgages and consumer credit

  The group offers household lending, including residential mortgages and consumer-credit products. These services support household purchases, refinancing and general personal spending, and form part of its broader relationship-banking model for Italian households, complementing deposits, payment services and personal financial planning.

• Commercial banking · 2017

  SME and corporate banking

  Banco BPM finances Italian small and medium-sized enterprises, larger companies and institutional clients through loans, working-capital facilities, deposits, payment services, guarantees and other corporate-banking solutions. The business reflects the regional and commercial-bank heritage of Banco Popolare and BPM. Banco BPM finances small and medium-sized enterprises as well as larger corporate customers through loans, working-capital facilities, deposits, payment services, guarantees, and other relationship-banking solutions. This business reflects the predecessor banks’ longstanding regional and commercial focus.

• Investment services · 2017

  Wealth management and asset management

  Wealth-related services include investment products, advisory activity, private-client banking and asset-management distribution. The group’s relationship with Anima developed from the 2017 sale of Aletti Gestielle SGR and later expanded through Banco BPM’s acquisition of control of Anima. Banco BPM has participated in asset management through subsidiaries and strategic holdings. It sold Aletti Gestielle SGR to Anima Holding in 2017 and later pursued control of Anima, making asset management a more important part of its strategic financial-services platform.

• Insurance distribution · 2017

  Insurance services

  Banco BPM distributes insurance solutions alongside its banking products and used its insurance unit as the vehicle for the tender offer for Anima Holding. The offering supports protection, savings and investment-related needs within the group's domestic customer relationships.

• Lending

  Mortgage and consumer finance

  The group offers residential mortgage lending and personal or consumer-credit products to Italian customers. These activities support household purchases, refinancing, and general personal spending while forming a traditional component of its domestic retail-bank model.

• Wealth management

  Private banking and wealth management

  The bank serves affluent individuals and families through investment advice, portfolio services, savings products, insurance distribution, and broader wealth-planning capabilities. Its wealth activities complement the group’s retail and corporate banking relationships.

• Institutional banking

  Corporate and investment banking

  The group provides selected corporate and institutional services, including structured finance, capital-markets support, treasury services, and other financing activities for larger enterprises and institutional clients.

• 2018

  Insider-trading investigation involving Giuseppe Castagna

  Castagna was later investigated in relation to alleged insider-trading practices connected with Banca Popolare di Milano. The accusation was archived in May 2018.

  Source

• 2016

  Investigation concerning financing to associates

  Giuseppe Castagna was investigated over allegations that bank financing had been provided to personal associates connected with Communion and Liberation amid potential conflicts of interest. The reported accusation was archived in 2016. Giuseppe Castagna was investigated over allegations concerning bank financing provided to personal associates linked to the Communion and Liberation movement and possible conflicts of interest. The accusation was archived in 2016, according to the cited reference.

  Source

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• 2013AC Milan premium partnership

  Italy

  Banco BPM began a premium commercial partnership with AC Milan, using the football club's visibility to support brand recognition and customer engagement in Italy. The partnership was repeatedly renewed, most recently in 2023.

  Outcome. The relationship was repeatedly renewed, most recently in 2023.

  Source

• 2025

  Anima acquisition launchedM&A

  Background

  Banco BPM proceeded with its plan to acquire control of Anima despite a European Central Bank objection to the proposed use of the Danish Compromise for capital treatment.

  Action taken

  The bank launched the offer at €7 per Anima share, for stated overall consideration of approximately €1.55 billion.

  Aftermath

  Banco BPM’s stake reached approximately 90% by early April 2025, giving it control of Anima.

  Offer price and stated total consideration. €7 per share; approximately €1.55 billion total (March 2025)

  Source

• 2025

  Proceed with the Anima acquisition despite capital-treatment objectionM&A

  Background

  The European Central Bank opposed Banco BPM’s proposed use of the Danish Compromise in connection with the acquisition of Anima Holding.

  Action taken

  Banco BPM continued with its €7-per-share buyout offer, with stated overall consideration of approximately €1.55 billion.

  Aftermath

  The bank reached approximately 90% ownership of Anima by early April 2025, giving it control of the asset manager.

  Stated total consideration. Approximately €1.55 billion (March 2025)

  Source

• 2024

  Launch voluntary tender offer for Anima HoldingM&A

  Background

  Banco BPM sought to expand its control of asset-management activities and deepen the connection between its banking, insurance and investment businesses.

  Action taken

  The bank announced a voluntary tender offer through its insurance unit, initially targeting a 67% stake in Anima and a possible subsequent delisting. The group announced an offer intended to obtain a controlling stake in Anima Holding and subsequently pursue its delisting.

  Aftermath

  The offer progressed into a control transaction and was later launched at €7 per share. The offer proceeded into 2025, when Banco BPM’s ownership reached approximately 90% and it obtained control of Anima.

  Source

• 2024

  Respond to UniCredit takeover bidM&A

  Background

  Banco BPM’s scale, domestic franchise and strategic asset-management exposure made it a potential participant in the consolidation of Italian banking.

  Action taken

  UniCredit launched a proposed takeover bid for Banco BPM valued at approximately €10.1 billion.

  Aftermath

  The announcement placed Banco BPM at the center of strategic and regulatory debate over the future structure of Italy’s banking sector.

  Announced takeover-bid value. Approximately €10.1 billion (25 November 2024)

  • UniCredit — UniCredit launched the takeover bid.

  Source

• 2018

  Project Exodus non-performing-loan disposalStrategy

  Background

  Like other Italian banks, Banco BPM needed to reduce its stock of non-performing loans and improve the quality of its balance sheet.

  Action taken

  The bank securitized a non-performing-loan portfolio with approximately €5.1 billion in gross book value and sought GACS support for the senior tranche.

  Aftermath

  The transaction transferred a substantial impaired-loan portfolio to a securitization structure and supported the group’s asset-quality cleanup.

  Gross book value of securitized loans. Approximately €5.1 billion (2018)

  Source

• 2017

  Creation of Banco BPM through mergerM&A

  Background

  Banco Popolare and Banca Popolare di Milano faced regulatory pressure to change their cooperative-popular governance structures and sought greater scale in a difficult Italian banking market.

  Action taken

  The two banks combined to create Banco BPM S.p.A., which began operations on 1 January 2017.

  Aftermath

  The transaction created one of Italy’s largest retail and corporate banking groups and a significant institution directly supervised by the European Central Bank.

  Source

• 2017

  Sale of Aletti Gestielle SGR to AnimaM&A

  Background

  The newly formed group pursued balance-sheet and business-line simplification while retaining access to asset-management capabilities through commercial relationships. The newly formed group reviewed its portfolio of financial-services businesses while pursuing post-merger simplification and balance-sheet priorities.

  Action taken

  Banco BPM sold its asset-management subsidiary Aletti Gestielle SGR to Anima Holding.

  Aftermath

  The sale generated reported consideration of €700 million and helped establish a later strategic relationship between Banco BPM and Anima. The sale reduced direct ownership of the asset manager while creating a later strategic relationship with Anima.

  Sale consideration. €700 million (2017)

  Source

• 2016

  Create Banco BPM through the merger of Banco Popolare and Banca Popolare di MilanoM&A

  Background

  Italian banking reform, capital requirements, and the need to establish a stronger joint-stock banking group encouraged the two large popular banks to combine.

  Action taken

  The predecessor banks approved the merger, with Banco BPM commencing operations on 1 January 2017 under an agreed exchange and ownership structure.

  Aftermath

  The transaction created one of Italy’s largest retail and commercial banking groups, with dual headquarters in Verona and Milan.

  Source

• 2025

  Banco BPM proceeds with Anima offer after regulatory disagreement[1]Banco BPMen.wikipedia.org

  M&A · Regulation

  The European Central Bank opposed Banco BPM’s proposed use of the Danish Compromise in connection with the Anima acquisition. Banco BPM nevertheless proceeded with its offer, which was priced at €7 per Anima share.

• 2025

  Banco BPM gains control of Anima Holding[1]Banco BPMen.wikipedia.org

  M&A

  Banco BPM launched its Anima buyout offer at €7 per share, with stated consideration of approximately €1.55 billion, and reached a stake of about 90% by early April.

• 2025

  ECB challenges capital treatment linked to Anima acquisition[1]Banco BPMen.wikipedia.org

  Regulation · M&A

  The European Central Bank opposed Banco BPM’s proposed use of the Danish Compromise for capital treatment connected with the acquisition of Anima, while Banco BPM continued with the offer.

• 2024

  Banco BPM announces tender offer for Anima Holding[1]Banco BPMen.wikipedia.org

  M&A · Other

  Banco BPM announced that its insurance unit would make a voluntary tender offer for Anima Holding shares, with the objective of obtaining control and potentially delisting Anima.

• 2024

  UniCredit launches takeover bid for Banco BPM[1]Banco BPMen.wikipedia.org

  M&A

  UniCredit announced a takeover bid valued at approximately €10.1 billion for Banco BPM, making the bank a central target in Italian banking-sector consolidation.

• 2023

  Banco BPM renews AC Milan partnership[1]Banco BPMen.wikipedia.org

  Campaign

  Banco BPM renewed its commercial partnership with AC Milan, continuing a relationship that began in 2013.

• 2018

  Banco BPM completes Project Exodus non-performing-loan securitization[1]Banco BPMen.wikipedia.org

  Other

  The bank securitized a portfolio of non-performing loans with a gross book value of approximately €5.1 billion and sought support under Italy’s GACS guarantee scheme.

• 2017

  Banco BPM begins operations after merger[1]Banco BPMen.wikipedia.org

  Leadership change · M&A

  Banco Popolare and Banca Popolare di Milano completed the transaction that created Banco BPM, which started operating on 1 January 2017.

• 2017

  Banco BPM sells Aletti Gestielle SGR to Anima Holding[1]Banco BPMen.wikipedia.org

  M&A

  The newly formed banking group sold its asset-management subsidiary Aletti Gestielle SGR to Anima Holding for approximately €700 million.

1. 1Banco BPMen.wikipedia.org
2. 2Banco BPM official websitebancobpm.it
3. 3https://www.bancobpm.it/bancobpm.it