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Shares in Amundi fell 5% following reports that UniCredit is exploring alternatives to its sales partnership with the French asset manager, which is set to expire in about two years. This assessment comes as Credit Agricole, which holds a 69% stake in Amundi, reportedly does not support UniCredit's bid for Banco BPM. Meanwhile, shares of Credit Agricole dipped 0.4%, while UniCredit and Banco BPM each saw a 1% decline.
Sergio Ermotti, CEO of UBS, topped the list of Europe's bank executives with a remuneration of 14.9 million francs for 2024, significantly outpacing his peers. Despite investor criticism, both UBS and UniCredit defended their compensation packages, citing strong company performance and competitive talent markets. The rising profitability in the banking sector has led to increased bonuses across the industry, particularly in investment banking, while some CEOs, like those of Credit Agricole and ING, remain at the lower end of the pay scale due to less reliance on this sector.
UniCredit is pursuing an all-share takeover of Banco BPM, with regulatory approval secured from Consob, the European Central Bank, and the Bank of Italy. The offer involves swapping 0.175 of UniCredit's shares for each of Banco BPM's 1.5 billion shares, signaling a strategic move to strengthen its position in the European banking sector.Meanwhile, Crédit Agricole has increased its stake in Banco BPM to 19.9% using derivatives, aligning with its long-term partnership strategy while avoiding a full takeover bid. Despite these developments, shares of UniCredit and Banco BPM have dipped by 1%, reflecting cautious market sentiment amidst these significant shifts in the banking landscape.
UniCredit is preparing to initiate a takeover bid for Banco BPM, Italy's third-largest banking group, which operates across six key areas including private banking and investment banking. As of the end of 2023, Banco BPM reported EUR 102.5 billion in current deposits and EUR 129.3 billion in current loans, supported by a network of 1,437 branches in Italy.
Tensions rise in the Italian banking sector as UniCredit prepares to launch a takeover bid for Banco BPM, while Crédit Agricole increases its stake to 19.8% to counter UniCredit's ambitions. Amundi, caught in the middle, faces uncertainty as UniCredit considers alternatives to their distribution agreement, leading to a drop in its shares. The ongoing consolidation reflects a broader trend of hostile takeovers in Italy's recovering banking landscape.
UniCredit has received approval from CONSOB for its bid to acquire BPM. This move marks a significant step in the banking sector as UniCredit seeks to expand its operations and strengthen its market position. The acquisition is expected to reshape the competitive landscape in the industry.
UniCredit is set to launch its €14bn all-share tender offer for Banco BPM from April 28 to June 23, following regulatory approvals. Meanwhile, China's largest banks report record low net interest margins at 1.48%, reflecting economic pressures and a push for credit expansion. In the UK, former Metro Bank executives accuse the FCA of inadequate supervision leading to a £900mn accounting error, while UBS has relaxed investment restrictions on defence companies amid rising geopolitical tensions, aligning with similar moves by other European firms.
UniCredit will launch its takeover offer for Banco BPM on April 28, following approvals from the European Central Bank and Italy’s market watchdog. The offer, which values Banco BPM at 10.1 billion euros, will run until June 23, despite Banco BPM's objections and ongoing plans to acquire Anima. UniCredit's CEO has warned that the offer could be rescinded if Banco BPM increases its stake in Anima.
UniCredit has received approval from Italian regulator CONSOB to initiate a hostile takeover bid for Banco BPM, set to run from April 28 to June 23. Concurrently, Credit Agricole has been authorized by the European Central Bank to increase its stake in BPM to 19.9%, planning to raise its current holding to 9.8% without launching a takeover.
Credit Agricole S.A. has received approval from the European Central Bank to increase its stake in Banco BPM to 19.9%, making it the largest shareholder after acquiring a 9.2% stake in 2022. This move follows the Italian market regulator's approval of UniCredit's takeover bid for Banco BPM on April 28.
UniCredit S.p.A.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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