BPM managing director says bank wants to be involved in any cooperative bank merger project
Banca Popolare di Milano (BPM), the listed Italian cooperative bank, would be interested in joining any merger project involving Italy's major cooperative banks Italian language daily Milano Finanza reported. The report cited Giuseppe Castagna, the managing director of BPM, who said that the lender would be part of any such project.
The report cited Castagna as saying that as yet no negotiations had started on a possible merger.
The item noted that that Italy's listed cooperative banks have been examining a merger possibility since the government announced plans to force cooperatives with assets of over EUR 8bn to become joint stock companies. The government said that the main aim of the legislation was to encourage a merger process among these banks.
As previously reported, BPM's preferred merger partner is seen as listed Italian cooperative bank BPER. The report cited Alessandro Vandelli, BPER's CEO as saying that it was premature to talk of any merger possibilities and that the lender would wait to see what the government's final proposals are before making any decisions.
As previously reported, there have been rumours that three-four of Italy's cooperative banks could merge.
BPM has a market cap of EUR 3.65bn.
Milano Finanza daily edition