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Santander and BBVA are in talks with the European Central Bank (ECB) to secure more favorable capital treatment for their insurance holdings, which currently count as direct capital deductions for most Spanish banks. The ECB's 'Danish compromise' allows certain banks to risk-weight these investments instead. This comes as banks seek new growth avenues amid declining interest rates, with the ECB recently denying Banco BPM's request for similar capital treatment for its acquisition of fund manager Anima.
Investors holding a 6.51% stake in Banco BPM have expressed their opposition to UniCredit's bid for the bank. This dissent highlights the challenges UniCredit may face in securing support for its acquisition plans.
A group of Banco BPM investors, holding a 6.51% stake, has expressed opposition to UniCredit's bid for the bank, advocating instead for its standalone growth. The shareholders, including ENPAM and Fondazione Cassa di Risparmio di Lucca, are pleased with the bank's dividends and see potential for further growth through its diversified strategy.
Equita supports the merger between Banco Bpm and Unicredit, highlighting significant synergies and value creation potential. While Unicredit shares rise, the government delays its decision on the Golden Power, seeking clarity on Unicredit's operations in Russia and Germany. If the merger fails, Banco Bpm shareholders may face greater risks.
The Golden Power procedure regarding UniCredit's OPS on Banco BPM has been extended until the end of April. The Italian government is seeking further details on UniCredit's operations in Russia, including ongoing litigation and financial exposure, as well as its strategy following an increase in its stake in Commerzbank to 28 percent, amid concerns about a potential shift of the bank's focus away from Italy.
The European Central Bank will decide by next week whether the 'Danish Compromise' capital rules for banks' insurance holdings apply to asset manager acquisitions through insurance units. This decision, influenced by requests from BNP Paribas and Banco BPM, could significantly impact consolidation in Europe's financial sector. The ECB is processing these requests on a case-by-case basis, with a focus on providing clarity to the market.
UniCredit CEO Andrea Orcel indicated that a decision on a potential takeover of Commerzbank may not come until 2027, as the bank's shares have risen due to Germany's fiscal policies. He emphasized the need to assess the deal's value and navigate regulatory approvals, expressing concerns about the slow pace of European banking mergers. Orcel also noted that UniCredit might increase its investment in Germany, given the positive economic outlook.
UniCredit CEO Andrea Orcel indicated that a decision on a potential takeover of Commerzbank may not come until 2027, as the bank's shares have surged due to Germany's fiscal policies. He emphasized the need to assess the deal's value and navigate regulatory approvals, expressing concerns about the slow pace of European banking M&A. Orcel also mentioned the possibility of increasing investment in UniCredit's German operations, given the positive economic outlook.
UniCredit CEO Andrea Orcel indicated that a decision on pursuing a takeover of Commerzbank may be delayed until 2027, citing the bank's rising share value due to Germany's fiscal policies. He expressed concerns over the lengthy M&A process and the need for approvals from German authorities, which complicates the timeline for converting derivatives into shares. Orcel also noted the potential for increased investment in UniCredit's German operations amid improved economic prospects.
UniCredit's stock has surged 7.4%, reaching a market capitalization of EUR 83 billion, as the bank intensifies its focus on M&A, particularly targeting Banco BPM. Tensions are rising with Credit Agricole, a significant shareholder in BPM, as negotiations stall. UniCredit aims to diversify its fund offerings, reducing reliance on Amundi, with a capital increase planned for late March ahead of a potential takeover bid.
Banco BPM S.p.A.
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