Bpm-Tour, summit in Bank of Italy – Il Sole 24 Ore

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This article was published on February 24, 2016 at 6:39.

the expected merger between Banca Popolare di Milano and Banco Popolare, as far as the horizon, long in coming. While everyone took as realistic an extraordinary meeting of the two tips for this weekend, it is also true that yesterday nothing yet had officially moved in this direction. That’s why more and more hours pass seems realistic one slip of the Memorandum of Understanding between the two institutions next week, or Sunday, March 6. Unless you arrive in these hours the informal ok to deal by the European Central Bank, which would give a quantum leap and would confirm the date of 28 February. Yesterday, in the course of the Management, Chestnut Council was updated directors on the operation state of the art, insisting to be on stand-by waiting for the green light from the Bce.Francoforte the rest is examining all the details of the plan and , since it is still the first merger in Europe since the start of unique banking Supervision, it wants that the operation is properly done. Both institutions at the same time continue to dialogue with vigilant subjects. This morning the two CEO, Giuseppe Castagna for BPM and Pier Francesco Saviotti for Banco Popolare, will present at the Bank of Italy to present the plan of merger between the two popular and to dispel all doubts. The major issue on the table is in particular that relating to the disposal of bad debts in the future bank chief subject. According to its statement (see Il Sole 24 Ore on Saturday, February 20), the banks they would be working on the proposal to gradually dispose non-performing loans (5-7 years), so as to minimize the potential negative impacts on the balance sheet front and avoid an increase in post-merger capital. Several times, the managers of the two banks have indeed confirmed as the hypothesis of recapitalization is not on the table. Also yesterday the Cdg of BPM approved the draft financial statements of the bank in 2015 and the consolidated group that had already been announced on 8 February. The Cet 1 ratio, inclusive of the capital base of the share of net profit not distributed in 2015, is equal to 11.53%.

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