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Banca Popolare di Milano

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Banca Popolare di Milano
Company typesubsidiary
IndustryFinancial services
Founded
  • 1865
  • 1 January 2017 (2017-01-01) (as subsidiary)
HeadquartersMilan, Italy
Number of locations
655 branches, 9 corporate centres, 14 private banking centres, 27 family banking centres (2015)
ServicesRetail, investment and private banking
Increase €288.907 million (2015)
Total assetsIncrease €50.203 billion (2015)
Total equityIncrease €4.627 billion (2015)
Number of employees
Decrease 7743 (2015)
DivisionsWeBank
Subsidiaries
  • Banca Akros (96.89%)
  • ProFamily (100%)
Capital ratio11.53% (CET1)
WebsiteOfficial website
Footnotes / references
in a consolidated basis[1]

Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank was founded in 1865, however, due to the merger and the foundation of Banco BPM, the original branches of BPM as well as some businesses were injected to another legal person and bank Banca Popolare di Mantova, which was renamed to Banca Popolare di Milano S.p.A. on 1 January 2017.

As of 31 December 2015, before the merger, about 62% of the branches of BPM were from Lombardy (410); the group also had branches in Emilia-Romagna (28), Lazio (65), Apulia (36), Piedmont (87), Liguria (11), Veneto (7), Tuscany (5), Campania (2), Marche (1), Molise (1), Abruzzo (1) and Friuli– Venezia Giulia (1).[1]

History

The second cooperative bank in Italy (the first one was the Banca Popolare di Lodi), it was founded in 1865[2] in Milan by Luigi Luzzatti, who later served as the nation's Prime Minister. Luzzatti drew his inspiration from the 'credit associations' developed by Hermann Schulze-Delitzsch in Germany a decade earlier.[3]

BPM has grown considerably since the 1950s by buying interests in other banks such as Banca Popolare di Roma, la Banca Briantea, Banca Agricola Milanese, Banca Popolare Cooperativa Vogherese, Banca Popolare di Bologna e Ferrara, Banca Popolare di Apricena, INA Banca, Cassa di Risparmio di Alessandria, Banca di Legnano and Banca Popolare di Mantova.

In 1999 Banca Popolare di Milano opened an online banking service called WeBank.

BPM was the minority owner of Cassa di Risparmio di Asti and Crediop.

As subsidiary of Banco BPM

On 15 October 2016 the merger between Banca Popolare di Milano (BPM) and Banco Popolare was approved by the extraordinary shareholders meetings of the two banks. As part of the merger, the branch of Banca Popolare di Milano would be kept as a subsidiary by injecting the business into BPM's subsidiary Banca Popolare di Mantova and renamed into Banca Popolare di Milano S.p.A., which the new bank would be a subsidiary of Banco BPM.[4]

The shareholders of Banco BPM would be composed by former shareholders of Banco Popolare and BPM in a proposed ratio of 54.626%–45.374%.[5] After the capital increase of Banco Popolare in mid-2016, the final exchange ratio would be 1 share of Banco Popolare to 1 share of Banco BPM, as well as 6.386 share of Banca Popolare di Milano to 1 share of Banco BPM.[6]

Banca Popolare di Milano also offered to repurchase the shares if the shareholders against the merger or absent from the extraordinary shareholders meeting, for a price of €0.4918.[7] Eventually BPM bought back 178,936,966 shares, or €88,001,199.88, equivalent to 4.07% of the total number of shares.[8]

References

  1. ^ a b "2015 Bilancio" (PDF) (in Italian). Banca Popolare di Milano. 5 April 2016. Retrieved 12 April 2016.
  2. ^ "Statuto" [Articles of association] (PDF) (in Italian). Banca Popolare di Milano. 6 August 2015. Retrieved 12 April 2016.
  3. ^ Henry W. Wolff. People's Banks. P.S. King & Son, London, 1910, pp. 254-319.
  4. ^ "BPM and BP Mantova Approve the Spin-Off Planned as Part of the Merger Between BPM and BANCO Popolare" (PDF). Banca Popolare di Milano. 22 September 2016. Retrieved 18 October 2016.
  5. ^ "Approval of the Merger Project by Banco Popolare and AND BPM" (PDF). Banco Popolare / Banca Popolare di Milano. 24 May 2016. Retrieved 21 September 2016.
  6. ^ "Joint Press Release" (PDF). Banco Popolare / Banca Popolare di Milano. 1 July 2016. Retrieved 21 September 2016.
  7. ^ http://www.nordeaprivatebanking.com/wemapp/enwiki/api/privatebanking/corporateactions/DIARSC1600024245.pdf
  8. ^ "Results of the Exercise of the Right of Withdrawal Relating to the Merger Banco Poplare – BPM: The Right of Withdrawal Has Been Exercised for a Total of No.178.936.966 Shares, and Equivalent to an Aggregate Liquidation Amount of Euro 88.001.199,88 Offer Under Option Pursuant to Article 2437-Quater[sic] of the Italian Civil Code of No.178.936.966 Shares of Banca Popolare di Milano" (PDF). Banca Popolare di Milano. 24 November 2016. Retrieved 11 December 2016.
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