Banks

UniCredit: 'No final decision on BancoBpm impossible'

The bank's reply after the Golden Power exercised by the government on the offer for Piazza Meda

22 April 2025

La Torre Unicredit, quartier generale dell'omonimo gruppo bancario, nel complesso direzionale di Garibaldi/Porta Nuova a Milano, 21 gennaio 2025. ANSA/DANIEL DAL ZENNARO (simbolica generica)

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Key points

"Impossible sound management"

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UniCredit takes a position after the government's decision to exercise the Golden Poewr on the takeover bid launched on BancoBpm. In a note, the bank states that it is 'unable to take any final decision on the way forward regarding the public exchange offer' on Banco Bpm following the government's conditional go-ahead to exercise 'golden power'.

The group emphasises that 'beyond the right provided for in general to ask the authority to reconsider the decision issued, the decree expressly contemplates the possibility for Unicredit to report immediately to the authority if it is not possible for it to implement - in whole or in part - the prescriptions'.

'UniCredit,' it goes on to say, 'has therefore promptly replied to the authority expressing its views on the decree and is awaiting a response'.

"No sound management possible"

The prescriptions imposed by Palazzo Chigi on Unicredit regarding the Ops on Banco Bpm 'could damage its full freedom and ability to take decisions in accordance with the principles of sound and prudent management in the future'. This was stated by the bank according to which the government's prescriptions could 'even lead to unintended results, such as the imposition of sanctions on Unicredit due to its alleged failure to comply with any of the prescriptions'.

'The use of special powers in a domestic transaction between two Italian banks is not common,' Unicredit points out, 'and it is not clear why it has been invoked in relation to this specific transaction, but not for other similar transactions currently taking place in the Italian market.

Prescriptions

In summary, the government has placed constraints on how the combined entity's future lending and liquidity will be managed, on the right to divest equity investments and appropriately manage Anima's assets under management, and on UniCredit's activities in Russia. In this regard, UniCredit "has the clear intention to maintain or increase the combined entity's exposure to SMEs and to further support them with its product factories of excellence". In addition, "UniCredit will continue to manage its clients' assets under management in their best interest and is committed to continuing to reduce its presence in Russia, which has already decreased by around 90 per cent over the past three years, in line with the ECB decision".