Latest news with #BancoBPM
Reuters
3 days ago
- Business
- Reuters
Italy reaffirms legitimacy of 'golden power' terms for UniCredit-Banco BPM deal
ROME, May 30 (Reuters) - Italy's Treasury said on Friday it sent a letter to UniCredit ( opens new tab confirming the "full legitimacy" and feasibility of the terms it has imposed on the bank's bid for Banco BPM ( opens new tab under its so-called golden powers. In the letter, it said that UniCredit has the possibility of offering proof of why it would not be able to implement the conditions, "in light of the principles of loyal collaboration and good faith".
Reuters
3 days ago
- Business
- Reuters
Main goal in Italy bank M&A should be better credit, savings products, central bank says
ROME, May 30 (Reuters) - The Bank of Italy on Friday urged domestic lenders, which are facing an unprecedented wave of hostile takeover bids, not to lose sight of the main goal of merger deals: improving the offer of credit and savings products for customers. Presenting the Bank of Italy's annual report in Rome, Governor Fabio Panetta said consolidation efforts could bring Italy's banking sector more into line with that of the other main European countries. Italy is being rocked by a raft of bids which have pitted the country's second-biggest bank UniCredit ( opens new tab against the government. The lender has challenged in court the conditions Rome has imposed to clear its proposed acquisition of smaller peer Banco BPM ( opens new tab. Bank mergers "must be well-designed and aimed solely at value creation," Panetta said. "Creating value means, first and foremost, offering firms and households adequate financing in terms of quantity and costs; effective and transparent savings instruments at fair conditions; qualified and innovative services consistent with Italy's development needs," Panetta said. The Bank of Italy's role is to make sure banks formed through deals are "sound in terms of capital, liquidity and risk governance," he added. "Other national and foreign authorities operate in accordance with their statutory powers," Panetta said. Italy's government is a on a collision course with European Union authorities because it defends the right to have a say on bank deals -- such as UniCredit's bid for Banco BPM or an asset management tie-up between insurer Generali ( opens new tab and French bank BPCE -- on grounds of national security. "Market dynamics and shareholder decisions" will ultimately determine the outcome of offers, Panetta said.
Yahoo
4 days ago
- Business
- Yahoo
Italy Finance Minister says could quit as government splits on UniCredit
By Giuseppe Fonte and Angelo Amante ROME (Reuters) -Italian Economy Minister Giancarlo Giorgetti said on Wednesday he would resign if he were overruled on "golden power" conditions the government has tied to UniCredit's bid for smaller bank Banco BPM. Giorgetti, from the hard-right League party, was speaking after reports in Italian newspapers, citing government sources, suggested that changes in the conditions were possible, but were being resisted by the minister. He told reporters in the Senate that without the full support of Prime Minister Giorgia Meloni on the issue he would quit immediately. "If there were the slightest misalignment (with Meloni) you wouldn't find a resignation threat, but the resignation itself. You don't announce your resignation, you do it," Giorgetti said. UniCredit's swoop on BPM, which derailed Rome's plans to combine BPM with state-backed Monte dei Paschi di Siena, is part of a wave of proposed takeover bids rocking Italian banking. In order to clear the deal, Meloni's administration has given UniCredit nine months to cease its activities in Russia and asked it not to reduce BPM's loan-to-deposit ratio for five years. The co-ruling Forza Italia party, led by Foreign Minister Antonio Tajani, is pushing Meloni to ease these terms. Tajani replied "yes, absolutely," when asked by Reuters in parliament whether he was in favour of making the conditions on UniCredit less stringent. The party is being lobbied by Italian companies that are still relying on UniCredit to pursue their business activities in Russia, even though these have been much-reduced since Moscow's invasion of Ukraine in 2022. Tajani said he was defending some 270 Italian firms still working legitimately in Russia, and showed no willingness to compromise. "I am not going to take a step back for anybody," he said, adding that he wanted Cabinet to convene to reconsider the golden power conditions on the UniCredit bid. STAND-OFF Giorgetti is determined to maintain a hard-line on UniCredit after the government said it was protecting Rome's strategic interests by avoiding "even the slightest risk" of aiding Russia's economy where the bank operates. Meloni has not recently spoken publicly on the issue. Giorgetti said the government was focused on monitoring compliance with the golden power conditions, and its response to issues raised by both Banco BPM and UniCredit would be fully coordinated between the Treasury and Meloni's office. UniCredit has appealed to an administrative court against the terms set by the government, and its CEO Andrea Orcel said on Tuesday it could let the offer lapse because it was no longer financially advantageous under the conditions imposed. Banco BPM also said it would appeal to an administrative court against a decision by Italian market regulator Consob to suspend the buyout offer for 30 days, to give UniCredit time to negotiate the golden power terms with the government. "They all go to court in this country and things get messy," Giorgetti said. (writing by Alvise Armellini, editing by Gavin Jones) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 days ago
- Business
- Reuters
Italy economy minister says would quit if defied on UniCredit-BPM deal
ROME, May 28 (Reuters) - Italian Economy Minister Giancarlo Giorgetti said on Wednesday he would resign if he were overruled on "golden power" conditions the government has tied to UniCredit's ( opens new tab bid for smaller bank Banco BPM ( opens new tab. Giorgetti was speaking in the Senate after reports in Italian newspapers, citing government sources, suggested that changes in the conditions were possible, but were being resisted by the minister. He told senators that if there was any divergence on UniCredit-BPM between his position and that of Prime Minister Giorgia Meloni, he would quit immediately. "If there were the slightest misalignment (with Meloni) you wouldn't find a resignation threat, but the resignation itself. You don't announce your resignation, you do it," Giorgetti said. UniCredit's swoop on BPM, which derailed Rome's plans to combine BPM with state-backed Monte dei Paschi di Siena ( opens new tab, is part of a wave of proposed takeover bids rocking Italian banking. In order to clear the deal, Meloni's administration has given UniCredit nine months to cease its activities in Russia and asked it not to reduce BPM's loan-to-deposit ratio for five years. Giorgetti said the government was focused on monitoring compliance with the golden power conditions, and its response to issues raised by both Banco BPM and UniCredit would be fully coordinated between the Treasury and Meloni's office. UniCredit has appealed to an administrative court against the terms set by the government, and its CEO Andrea Orcel said on Tuesday it could let the offer lapse because it was no longer financially advantageous under the conditions imposed. Banco BPM also said it would appeal to an administrative court against a decision by Italian market regulator Consob to suspend the buyout offer for 30 days, to give UniCredit time to negotiate the golden power terms with the government. "They all go to court in this country and things get messy," Giorgetti said.
Reuters
6 days ago
- Business
- Reuters
UniCredit offers concessions in bid for EU nod for Banco BPM deal
BRUSSELS, May 27 (Reuters) - Italian bank UniCredit ( opens new tab has offered concessions in an attempt to secure EU antitrust approval for its acquisition of Banco BPM ( opens new tab, according to an updated filing on the European Commission website. UniCredit put in its offer on Monday, the filing showed, without providing details in line with the EU competition enforcer's policy. The EU executive, which acts as the competition watchdog for the 27-country bloc, may seek feedback from rivals and customers before deciding whether to accept the concessions, demand more or open a full-scale investigation. It is set to wrap up its preliminary review of the deal by June 19 or it may hand the deal over to a national antitrust agency to examine following a request from the unnamed agency. Earlier on Tuesday, UniCredit CEO Andrea Orcel said the bank will not complete the deal unless the Italian government changes the conditions it has set for it, which UniCredit has challenged in court.
