(Finance) – with the acquisition of Banca Popolare di Sondrio, Bper would strengthen its market position in Italy, in particular in the richest regions of the North of the country, and in particular Lombardy. At the same time, BPS would take advantage of the fulfilling to the consolidated and diversified BPER franchise, supported by a solid credit profile. He writes it Morningstar DBRS In an analysis of the latest banking consolidation operation in Italy.
Previously, the ads different concerns potential alliances between financial institutions, including Unicredit And Banco BPM; Banco Bpm e Anima holding; Banca Monte dei Paschi di Siena And Mediobancaas well as Generali Investment Holding and Natixis Investment Managers.
According to Morningstar DBRS, Bper has recently shown a BUon track record in the execution of integration processesincluding the integration of over 600 branches of Intesa Sanpaolo and Ubi Banca in 2021, as well as the merger by incorporation of Banca Carige in 2022. “In our opinion, this reduces the risks of execution related to the agreement with BPS”, yes Law in the report.
In addition, the Italian insurance company Unipol He is the main shareholder of both banks, holding 19.8% of Bper’s share capital and 19.7% of BPS’s share capital. In addition to being a strategic shareholder, both banks play a key role in the distribution channel of the Bancassurance of Unipol. “We expect the presence of the same significant shareholder in both banks facilitates a success of the agreement“, It is underlined.
The operation includes synergies of revenues and costs for a total amount of the taxes of approximately 290 million euros per year. On a pro-form basis (PF), through this acquisition the net profit of Bper would exceed 2 billion euros in 2027, incorporating a return to the tangible capital (wheel) of about 15% post-mining, while the CET1 PF ratio It would be 15.3%. These confront a wheel of 16.9% reported by Bper in 2024 and a CET1 ratio of 15.8% at the end of 2024. The metrics of the quality of the assets is not expected to change substantiallygiven the similar risk profiles of Bper and BPS.