Banco BPM
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Banco BPM S.p.A. |
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| listed Società per Azioni | |
| Traded as | BIT: BAMI |
| Industry | Financial services |
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| Founded | 1 January 2017 |
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| Website | http://www.bancobpm.it |
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 was the third largest retail and corporate banking conglomerate in Italy (in terms of total assets in 2016), behind Intesa Sanpaolo and UniCredit.
The bank is a constituent of Italian blue chip index FTSE MIB; the predecessors, Banco Popolare and BPM, were ranked 1189th and 1502th respectively in 2016 Forbes Global 2000.
Banco Popolare and BPM themselves were both originated as People's Bank (Italian: Banca Popolare), a kind of co-operative bank in Italy, based in Bergamo, Verona, Modena, Novara and Lodi (Banco Popolare) and Milan (BPM). They merged and acquired many Banca Popolare and Cassa di Risparmio (saving bank) to become the 4th and 9th largest retail and commercial banking conglomerate in 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 N°3/2015, but the two banking group forming a new public limited company directly, instead of demutualize themselves. A new subsidiary, Banca Popolare di Milano S.p.A., would be incorporated to run the brand of BPM for a few years.
After the merger, the bank would be the third largest retail and commercial banking conglomerate by total assets in Italy, surpassing Banca Monte dei Paschi di Siena (€164.385 billion at mid-2016). However, Banco BPM would still behind Intesa Sanpaolo, the largest bank in Italy by total assets, as well as UniCredit, the only bank in Italy that was classified as a global systemically important bank. Moreover, Bank of Italy, the central bank, and Cassa Depositi e Prestiti, the national investment bank, had a larger total assets than Banco BPM, but a different genre of banking.
At 30 June 2016 Banco Popolare had a total assets of €123.699 billion and a net assets of €8.876 billion in a consolidated basis, while Banca Popolare di Milano 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.
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