(Finance) – “BPM desk does not contemplate a merger between Banco BPM and MPS. However, we believe there is room for further consolidation in the Italian banking system in general. At the same time, progress in the privatization of MPS demonstrates afurther market confidence in the bank“. This was stated by Morningstar DBRS, commenting on the operation with which yesterday evening the MEF sold 15% of MPS and Banca BPM purchased 5% of the Sienese institution.
For Banco BPM the investment in MPS comes immediately after the announcement of the voluntary takeover bid (OPA) for the acquisition of 100% in Soulin line with Banco BPM’s strategy strengthen its product factories. MPS is the largest distributor of Anima products, after Banco BPM.
Despite recent moves on MPS and Anima, Banco BPM has announced that it is staying put focused on its stand-alone strategy and on achieving the objectives set out in its business plan for 2023-26. As a result, Banco BPM will not submit the regulatory request to exceed the 10% shareholding threshold in MPS. According to Banco BPM estimates, the investment in MPS has a negative impact of 9 basis points (bps) on its capital and is expected to be accretive to earnings.