Banco BPM

Banco BPM is an Italian banking group that began operations on 1 January 2017 through the merger of Banco Popolare and Banca Popolare di Milano. The combination created one of Italy’s largest retail and commercial banking institutions, with dual headquarters in Verona and Milan and a business centered on households, small and medium-sized enterprises, corporate customers, private banking clients, and institutional markets. The group’s origins lie in Italy’s tradition of locally rooted popular banks, or banche popolari. Banco Popolare had been built through the consolidation of several cooperative banking institutions in northern and central Italy, while Banca Popolare di Milano had developed from its historic Milanese base and had expanded through banking and savings-bank activities. Both groups had become significant national banking businesses before the merger, but changes to Italian banking legislation and pressure to strengthen governance and capital encouraged their transformation into a joint-stock banking group. The boards approved the merger on 24 May 2016, following a capital-raising process at Banco Popolare and preparations to create a new listed company rather than simply retaining the former cooperative structures. The agreed ownership allocation gave former Banco Popolare shareholders approximately 54.626% of the new group and former BPM shareholders approximately 45.374%. Banco BPM consequently commenced operations at the beginning of 2017 and was, at formation, generally described as Italy’s third-largest retail and commercial banking conglomerate by pro forma total assets, behind UniCredit and Intesa Sanpaolo. Banco BPM’s core activities include current accounts, payment services, mortgages, consumer and personal lending, business finance, deposits, insurance distribution, investment products, asset management, private banking, and corporate and investment banking. Its domestic branch and relationship-banking model gives it particular relevance to Italian households and enterprises, especially in northern Italy, although the group operates nationally. The bank is also a significant institution under the European Union’s banking-supervision framework and is directly supervised by the European Central Bank. After its creation, Banco BPM pursued balance-sheet rationalization and reductions in non-performing exposures. In 2017 it agreed to sell its asset-management subsidiary Aletti Gestielle SGR to Anima Holding. In the following year it completed a securitization of a non-performing-loan portfolio with a gross book value of approximately €5.1 billion, known as Project Exodus, using the Italian GACS state-guarantee framework for the senior tranche. These steps formed part of the broader effort by Italian banks to improve asset quality after the sovereign-debt and banking crises. The group has also expanded its strategic interest in wealth and asset management. In late 2024 Banco BPM announced a voluntary tender offer for Anima Holding, initially seeking a controlling stake and the eventual delisting of Anima. The offer was launched in March 2025 at €7 per share for a stated total consideration of approximately €1.55 billion. By early April 2025, Banco BPM’s holding had reached about 90%, giving it control of Anima. The transaction was accompanied by regulatory debate over whether Banco BPM could apply the so-called Danish Compromise capital treatment to the acquisition through its insurance activities. Banco BPM remains a listed Italian bank whose shares are included in the FTSE MIB blue-chip index. Its competitive position combines a substantial domestic branch and customer franchise with financial-services subsidiaries and partnerships. The group has maintained a public association with Italian football through its premium partnership with AC Milan, first established in 2013 and renewed most recently in 2023. Its strategic profile is that of a large domestic universal bank seeking scale, asset-quality i…

Banco BPM was created from the merger of two major Italian popular banks: Banco Popolare and Banca Popolare di Milano. Their histories reflected the development of locally rooted cooperative banking in Italy, where popular banks traditionally served households, merchants, professionals, and businesses in specific cities and regions. Over time, both institutions expanded by incorporating other popular banks and savings banks, becoming large retail and commercial banking groups. Banco Popolare had assembled a broad network centered particularly on northern Italian markets, including areas associated with Bergamo, Verona, Modena, Novara, and Lodi. Banca Popolare di Milano, commonly known as BPM, had its historic base in Milan and also developed activities in Rome and other markets. By the middle of the 2010s, both groups had become systemically important Italian banks, although they faced the governance and capital challenges affecting much of the country’s banking sector. Italian Law No. 3 of 2015 accelerated the conversion of large popular banks from cooperative structures into joint-stock companies. Rather than simply converting both existing groups independently, Banco Popolare and BPM agreed to combine their operations into a new listed banking company. Their boards approved the merger on 24 May 2016. A capital increase at Banco Popolare preceded the transaction, and the final exchange terms provided one Banco Popolare share for one Banco BPM share and 6.386 Banca Popolare di Milano shares for one Banco BPM share. Former Banco Popolare shareholders received approximately 54.626% of the combined company, while former BPM shareholders received approximately 45.374%. Banco BPM commenced operations on 1 January 2017. At formation it was generally identified as Italy’s third-largest retail and commercial banking conglomerate by pro forma total assets, behind UniCredit and Intesa Sanpaolo. Its headquarters were established in both Verona and Milan, preserving the geographic identities of the two predecessor institutions. The bank became a significant institution under the European Banking Supervision framework and is directly supervised by the European Central Bank. The group’s first post-merger priorities included capital strength, operational integration, and the reduction of impaired assets. Its reported pro forma common-equity Tier 1 ratio at the end of 2016 was 12.30%. In 2017 the bank sold Aletti Gestielle SGR, its asset-management subsidiary, to Anima Holding. In 2018 it executed Project Exodus, a securitization of approximately €5.1 billion in gross non-performing loans. The transaction used Italy’s GACS framework, which could provide a state guarantee for the senior tranche of qualifying securitizations. These actions were part of the wider restructuring of Italian banking balance sheets after years of elevated bad-loan levels. Banco BPM continued to operate as a predominantly domestic universal bank, combining branch-based retail banking with lending to small and medium-sized enterprises, larger corporate relationships, private banking, payments, insurance distribution, and investment services. The group’s competitive identity remained strongly connected to Italy rather than to an extensive international branch network. In the 2020s, asset management became a more prominent strategic theme. Banco BPM announced in November 2024 that its insurance unit would pursue a voluntary tender offer for Anima Holding, with the aim of obtaining a controlling stake and eventually delisting the company. In March 2025 the offer was presented at €7 per share for an overall stated amount of approximately €1.55 billion. Banco BPM’s stake reached about 90% by early April 2025, giving it control of Anima. The transaction generated a regulatory dispute concerning the proposed use of the Danish Compromise, a capital-treatment framework relevant to certain banking acquisitions of financial and insurance businesses; the European Central Bank opposed its application in this case. Banco BPM has also remained involved in consolidation discussions within the Italian banking sector. UniCredit announced a takeover bid for Banco BPM in November 2024. Separately, Banco BPM’s public profile has included its premium partnership with AC Milan, first established in 2013 and renewed in 2023. The group’s overall evolution has therefore combined merger-led scale, domestic relationship banking, non-performing-loan cleanup, and expansion into wealth and asset management.

1. 2025Banco BPM obtains control of Anima

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

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2. 2024Offer for Anima Holding announced

   Banco BPM announced a voluntary tender offer intended to obtain control of Anima Holding and pursue its delisting.

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3. 2024UniCredit announces bid for Banco BPM

   UniCredit launched a proposed takeover bid for Banco BPM.

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4. 2023AC Milan partnership renewed

   Banco BPM renewed its premium partnership with AC Milan.

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5. 2018Project Exodus non-performing-loan securitization

   The bank securitized a non-performing-loan portfolio with approximately €5.1 billion in gross book value.

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6. 2017Banco BPM begins operations

   The new bank officially commenced operations on 1 January 2017.

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7. 2017Aletti Gestielle SGR sold to Anima Holding

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

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8. 2016Merger approved by the predecessor banks

   The boards of Banco Popolare and Banca Popolare di Milano approved the merger on 24 May 2016.

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9. 2015Italian banking reform accelerates conversion of large popular banks

   Law No. 3 of 2015 increased pressure on large Italian popular banks to adopt joint-stock structures, contributing to the merger path followed by Banco Popolare and Banca Popolare di Milano.

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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.

• Retail bankingPersonal banking

  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.

• Mortgage and consumer financeLending

  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.

• SME and corporate bankingBusiness banking

  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.

• Private banking and wealth managementWealth 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.

• Asset managementInvestment management2017

  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.

• Corporate and investment bankingInstitutional 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.

• 2013AC Milan premium partnership

  Italy

  Banco BPM established a premium partnership with AC Milan, associating the banking brand with one of Italy’s most prominent football clubs and its supporter community.

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

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• 2025Proceed with the Anima acquisition despite capital-treatment objectionM&A

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

  What changed. 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)

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• 2024Launch voluntary tender offer for Anima HoldingM&A

  Banco BPM sought to deepen its presence in asset management and build a more integrated banking, insurance, and investment-services platform.

  What changed. The group announced an offer intended to obtain a controlling stake in Anima Holding and subsequently pursue its delisting.

  Aftermath. The offer proceeded into 2025, when Banco BPM’s ownership reached approximately 90% and it obtained control of Anima.

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• 2024Respond to UniCredit takeover bidM&A

  Italian banking-sector consolidation created the possibility of a combination between Banco BPM and a larger domestic banking group.

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

  Aftermath. The bid placed Banco BPM at the center of renewed consolidation activity in Italian banking.

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

  • UniCredit — UniCredit launched the proposed takeover bid.
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• 2018Execute Project Exodus non-performing-loan securitizationStrategy

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

  What changed. The bank securitized a portfolio with approximately €5.1 billion in gross book value and applied for 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 non-performing loans. Approximately €5.1 billion (2018)

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• 2017Sell Aletti Gestielle SGR to Anima HoldingM&A

  The newly formed group reviewed its portfolio of financial-services businesses while pursuing post-merger simplification and balance-sheet priorities.

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

  Aftermath. The sale reduced direct ownership of the asset manager while creating a later strategic relationship with Anima.

  Sale consideration. Approximately €700 million (2017)

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• 2016Create Banco BPM through the merger of Banco Popolare and Banca Popolare di MilanoM&A

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

  What changed. 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.

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• 2018Insider-trading investigation involving Giuseppe CastagnaControversy

  Castagna was later investigated in connection with alleged insider trading related to Banca Popolare di Milano. The investigation was archived in May 2018.

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• 2016Investigation concerning alleged conflicts of interest involving Giuseppe CastagnaControversy

  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.

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• 2025ECB challenges capital treatment linked to Anima acquisition

  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.

  RegulationM&A
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• 2025Banco BPM gains control of Anima Holding

  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.

  M&A
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• 2024Banco BPM announces voluntary offer for Anima Holding

  Banco BPM announced that its insurance unit would launch a voluntary tender offer intended to obtain control of Anima Holding and pursue its delisting.

  M&A
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• 2024UniCredit launches takeover bid for Banco BPM

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

  M&A
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• 2023Banco BPM renews AC Milan partnership

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

  Campaign
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• 2018Banco BPM completes Project Exodus non-performing-loan securitization

  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.

  Other
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• 2017Banco BPM begins operations after merger

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

  M&ALeadership change
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• 2017Banco BPM sells Aletti Gestielle SGR to Anima Holding

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

  M&A
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1. Banco BPM
2. Banco BPM official website