With its roots in the wealthy region of Lombardy, Banco BPM, which has a market capitalization of around 5.4 billion euros ($6.13 billion), is seen as the ideal geographic partner for UniCredit, the second largest major Italian bank.
“We still have a very important way to go on the stock market, we have a very important autonomous growth path ahead of us which is not yet fully exploited”, declared Giuseppe Castagna, general manager of Banco BPM, on the sidelines of the meeting. ASSIOM FOREX Parma conference. “Banco BPM is worth more”.
Asked about potential interest from UniCredit, Castagna said the bank had not received any communication from its big counterpart in this regard.
Responding to rumors of a potential impending bid, UniCredit said on Friday it was continuing to evaluate all strategic options and would update the market in due course, adding that no extraordinary board meeting had been scheduled. summons.
Earlier this week, Banco BPM’s stock rose to its highest level in four years after the creditor posted better-than-expected results in the fourth quarter, with provisions for loan losses more than halved and commissions that increased revenue.
Mr Castagna said at the time that the creditor saw no merger opportunities at the moment and was focusing on the business plan he presented last year.
“We have just come out of a restructuring process, we have presented an aggressive plan…but we think the market is only beginning to recognize what is the path that will take us much further,” Castagna added on Saturday.
Banco BPM’s stock has gained about 35% year-to-date and more than 60% in the past 12 months as it is seen as a possible M&A target.
($1 = 0.8811 euros)