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Bond Market News
Investors Holding 6.51% Stake in Banco BPM Oppose UniCredit Bid
March 27, 2025
A group of investors holding 6.51% of Banco BPM expressed support for the bank’s independent growth strategy, indirectly opposing a takeover bid by UniCredit. Banco BPM, Italy’s second-largest bank, became an acquisition target by UniCredit in late-November 2024. UniCredit’s interest in Banco BPM is driven by the latter’s strategic position in Italy’s affluent Lombardy region, making it an attractive acquisition candidate. The investors backing Banco BPM’s standalone growth include notable shareholders such as ENPAM, the Italian doctors’ pension fund, and a banking foundation named Fondazione Cassa di Risparmio di Lucca. They highlighted the substantial dividends Banco BPM has distributed and expressed confidence in the bank’s future potential, citing its diversified strategy as a key factor for further growth. The opposition to UniCredit’s bid underscores the ongoing debate about consolidation in Italy’s banking sector, where regional banks like Banco BPM face pressure from larger entities seeking to expand their market share and optimize operations. Late last year, UniCredit had filed a €10bn ($10.5bn) all-share buyout offer for Banco BPM with Italy’s regulator.
Dollar bonds of UniCredit and Banco BPM were trading stable across the curve.
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