MPS announces the launch of two voluntary, simultaneous and parallel public exchange offers, entirely in shares, on all the ordinary shares of Banco BPM and Banca Generali for a total consideration of approximately 34 billion euros. That on the Bank, we read in a note, will have an equivalent value of approximately 25.3 billion and that on Banca Generali of approximately 8.72 billion.
The double operation of MPS on Banco Bpm and Banca Generali would lead to «an enlarged, more diversified and resilient group» which «would become the third Italian banking group by total assets, with a pro forma balance sheet of approximately 466 billion, customer loans of 245 billion, direct deposits of 315 billion and total financial assets of 810 billion, based on data as at 31 December 20255». We read it in a note from MPS. The industrial project proposed by MPS, it is added, «must be considered consistent with the strategic direction outlined by Banco BPM in the letter of 7 June 2026, as it is aimed at implementing a shared plan aimed at enhancing the complementarities between the institutions involved and strengthening their competitive positioning in the interest of all stakeholders. The objectives remain unchanged: to create a stronger, more diversified and more competitive group. The Banco Bpm Offer simply represents an alternative technical path to achieve the same objectives through a transparent and orderly market process, executable according to a clearly defined timeline. In this context, this convincing industrial project would also offer the main shareholder of Banco Bpm the opportunity to participate in the creation of a stronger and more valuable group, while encouraging the development of strategic collaborations in areas of mutual interest.” The strategic relevance of the industrial project proposed by MPS «is further strengthened by the parallel initiative on Banca Generali. The aggregation with Banca Generali represents a first step towards a broader industrial collaboration program with the Generali Group, aimed at developing new growth opportunities in business areas that are strategically relevant for both institutions.”