Banca Popolare di Milano
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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 Banco BPM S.p.A. is an Italian bank that started to operate on 1 January 2017, by the merger of Banco Popolare and Banca Popolare di Milano (BPM) (approved by the board of directors on 24 May 2016). The bank is the third largest retail and corpora ...
. 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 BPM's subsidiary
Banca Popolare di Mantova Banca Popolare di Mantova S.p.A. was an Italian cooperative bank based in Mantua, Lombardy. Including the headquarters, the bank operated at 17 locations. History The company was relocated from Pescopagano, Basilicata (as Banca Operaia di Pesco ...
, which was renamed to Banca Popolare di Milano S.p.A. on 1 January 2017. Before the merger, BPM was a listed company on the Borsa Italiana (Milan Stock Exchange); after the merger, only the parent company Banco BPM is a listed company. , before the merger, the bank had 656 branches, including private banking and corporate banking centres; about 61% of the branches of BPM were from Lombardy (390); 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). After the merger, , Banca Popolare di Milano, excluding Banca Akros, had 604 branches.


History

The second cooperative bank in Italy (the first one was the Banca Popolare di Lodi), it was founded in 1865 in
Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...
by
Luigi Luzzatti Luigi Luzzatti (11 March 1841 – 29 March 1927) was an Italian financier, political economist, social philosopher, and jurist. He served as the 20th prime minister of Italy between 1910 and 1911. Luzzatti came from a wealthy and cultured Jewis ...
, who later served as the nation's Prime Minister. Luzzatti drew his inspiration from the 'credit associations' developed by
Hermann Schulze-Delitzsch Franz Hermann Schulze-Delitzsch, also Hermann Schulze, (29 August 1808 – 29 April 1883) was a German politician and economist. He was responsible for the organizing of the world's first credit unions. He was also co-founder of the German Progre ...
in Germany a decade earlier. BPM has grown considerably since the 1950s by buying interests in other banks such as Banca Popolare di Roma (1924–1957), 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 Cassa di Risparmio di Alessandria was an Italian regional bank based in Alessandria, Piedmont. It was absorbed into the parent company Banca Popolare di Milano in 2012. The former owner of the bank, Fondazione Cassa di Risparmio di Alessandria, st ...
,
Banca di Legnano Banca di Legnano was an Italian bank based in Legnano, Lombardy. The bank was absorbed into the parent company Banca Popolare di Milano in 2013. History Banca di Legnano was a subsidiary of Banca Commerciale Italiana (BCI) for 55% shares. In 1999 ...
and
Banca Popolare di Mantova Banca Popolare di Mantova S.p.A. was an Italian cooperative bank based in Mantua, Lombardy. Including the headquarters, the bank operated at 17 locations. History The company was relocated from Pescopagano, Basilicata (as Banca Operaia di Pesco ...
. In 1999 Banca Popolare di Milano opened an online banking service called WeBank. BPM was the minority owner of
Cassa di Risparmio di Asti Cassa di Risparmio di Asti known as Banca CR Asti or just Banca di Asti, is an Italian saving bank based in Asti, Piedmont. It serves Piedmont and Lombardy regions. History The bank was found on 25 January 1842 in Asti, in the Kingdom of Sardinia. ...
and
Crediop Dexia Crediop S.p.A. is an Italian bank specializing in financing public infrastructure. It was part of Dexia Group, as the owner of 70% shares. Banco Popolare, Banca Popolare di Milano and Banca Popolare dell'Emilia Romagna owned 10% each as minor ...
. On February 25, 2010, BPM announced the acquisition from Banco Popolare of 30% of Factorit spa for 51 million euros. Factorit is a factoring company that operates in the field of the advance and collection of trade receivables and related services, and is also owned by Banca Popolare di Sondrio (60.5%). The board of directors of 23 March 2010 approved the sale of the custodian bank activity to Bnp Paribas, generating a capital gain of approximately €50 million. With the emergence of the economic crisis in Greece, a few days after the downgrading of Greek government bonds by the main rating agencies, on 11 May 2010 BPM announced that its exposure to securities of "PIGS countries" is less than 22 million euros. On 18 June 2010, the Bank of Italy authorized BPM to buy back from Fondiaria Sai, for 113 million euros, the 51% stake held by Milano Assicurazioni in Bipiemme Vita. After the go-ahead from the Bank of Italy in November 2009, on 25 June 2010 BPM formally inaugurated ProFamily, a new company specializing in consumer credit. On 20 July 2010, BPM announced that it had entered into an alliance agreement with Monte dei Paschi di Siena and Clessidra Sgr to combine Anima Sgr with Prima Sgr and set up a new independent operator in asset management.


As subsidiary of Banco BPM

On 15 October 2016 the merger between Banca Popolare di Milano (BPM) and
Banco Popolare Banco Popolare Società Cooperativa was an Italian bank, formed in 2007 from the merger of Banco Popolare di Verona e Novara (BPVN) and Banca Popolare Italiana (BPI). The bank merged with Banca Popolare di Milano on 1 January 2017. The bank was ...
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 Banca Popolare di Mantova S.p.A. was an Italian cooperative bank based in Mantua, Lombardy. Including the headquarters, the bank operated at 17 locations. History The company was relocated from Pescopagano, Basilicata (as Banca Operaia di Pesco ...
and renamed into Banca Popolare di Milano S.p.A., which the new bank would be a subsidiary of
Banco BPM Banco BPM S.p.A. is an Italian bank that started to operate on 1 January 2017, by the merger of Banco Popolare and Banca Popolare di Milano (BPM) (approved by the board of directors on 24 May 2016). The bank is the third largest retail and corpora ...
. 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%. 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. 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. Eventually BPM bought back 178,936,966 shares, or €88,001,199.88, equivalent to 4.07% of the total number of shares.


References


External links

* {{DEFAULTSORT:Banca Popolare Di Milano Banks established in 1865 Banks established in 2017 Banks of Italy Companies based in Milan Companies formerly listed on the Borsa Italiana Former cooperative banks of Italy Re-established companies Italian companies established in 1865 Italian companies established in 2017 Italian companies disestablished in 2018