Type subsidiary Total equity €4.627 billion (2015) Founder Luigi Luzzatti Net income 288.9 million EUR (2015) | Industry Financial services Headquarters Milan, Italy Number of employees 7,743 (2015) Total assets 50.2 billion EUR (2015) | |
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Number of locations 655 branches, 9 corporate centres, 14 private banking centres, 27 family banking centres (2015) Services Retail, investment and private banking Profit €288.907 million (2015) CEO Giuseppe Castagna (21 Jan 2014–) Founded 12 December 1865, Milan, Italy | ||
Banca Popolare di Milano S.p.A. known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a subsidiary of Banco BPM.
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About 62% of the branches were from Lombardy (410); 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).
In 2016 it was announced that the bank would be merged with Banco Popolare.
Banca popolare di milano case history hr zucchetti
History
The second cooperative bank in Italy (the first one was the Banca Popolare di Lodi), it was founded in 1865 in Milan by Luigi Luzzatti, who later served as the nation's Prime Minister. Luzzatti drew his inspiration from the 'credit associations' developed by Hermann Schulze-Delitzsch in Germany a decade earlier.
BPM has grown considerably since the 1950s by buying interests in other banks such as Banca Popolare di Roma, 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, Banca di Legnano and Banca Popolare di Mantova.
In 1999 Banca Popolare di Milano opened an online banking service called WeBank.
BPM was the minority owner of Cassa di Risparmio di Asti and Crediop.
As subsidiary of Banco BPM
On 15 October 2016 the merger between Banca Popolare di Milano (BPM) and Banco Popolare 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 and renamed into Banca Popolare di Milano S.p.A., which the new bank would be a subsidiary of Banco BPM.
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.