Banks ECB gives Unicredit the green light to buy Banco BPM
The major Italian bank Unicredit, which is also interested in a takeover of Commerzbank, has been given the green light by the European Central Bank (ECB) to acquire its rival Banco BPM. This was announced by Italy's second largest bank on Friday.
29.03.2025, 00:23
SDA
Unicredit had announced in November that it wanted to take over Italy's third-largest bank Banco BPM for 10.1 billion euros. Banco BPM spoke of a hostile takeover attempt and has appealed to the Italian competition authority.
Unicredit CEO Andrea Orcel stated in November that Europe needs "stronger and bigger banks" that would help develop its economy and compete with other major economic blocs. Banco BPM was created in 2017 from the merger of Banco Popolare and Banca Popolare di Milano. In terms of deposits, it is the third-largest bank after Unicredit and Intesa Sanpaolo.
Decision on Commerzbank pending
Unicredit is also interested in taking over the German Commerzbank. In mid-March, the ECB authorized the Italian bank to increase its stake in Commerzbank from 28 percent to 29.9 percent. With 30 percent of the shares, Unicredit would be obliged to make a public takeover bid.
Commerzbank's management and the outgoing German government are against a takeover. Unicredit CEO Orcel recently said that he wanted to take his time on the subject. A decision could wait until 2027.
