Banco BPM is prepared to pursue merger and acquisition options in Italy and is considering a range of possibilities, Chief Executive Giuseppe Castagna told analysts on Tuesday. He said the bank is reviewing both large and small transactions after last year’s acquisition of fund manager Anima.
Speaking on a post-results conference call after securing a fresh mandate from shareholders, Castagna said the institution is examining deals that could involve other lenders or businesses that generate fees. He emphasised that the bank is keeping all avenues open as it assesses potential targets and partners.
"It is difficult to say which one will materialise, but we are reviewing all situations," Castagna said, describing the review as comprehensive rather than focused on a single option.
Banco BPM is Italy’s fourth largest bank and earlier resisted a takeover approach from UniCredit. The bank’s largest shareholder is France’s Credit Agricole. Banco BPM also holds a 3.7% stake in Monte dei Paschi di Siena.
Castagna identified both the Italian arm of Credit Agricole and Monte dei Paschi as natural candidates for merger discussions because of existing shareholder connections, but he noted that any move would need to match appropriate timing. "Let’s wait and see to understand what the other parties are willing to do," he said, underlining that the bank will not rush into a deal simply for the sake of action.
The CEO added that timing could make the difference and cautioned that now may not necessarily be the optimal moment for a transaction. That stance indicates a deliberate approach to strategic expansion rather than an immediate push for consolidation.
Last month Banco BPM played a role in a shareholder vote that reinstated Monte dei Paschi’s ousted CEO, an action that underscores the interaction between the two lenders through shareholding ties.
Market context and outlook
Castagna’s comments come after Banco BPM’s acquisition of Anima, which expanded the bank’s exposure to fee-generating asset management activities. The current review covers a spectrum of possible targets and partnership structures, with management balancing strategic ambition against the need for suitable market conditions and counterparties’ willingness.