Italy’s Banco BPM is looking to grow as a standalone business, CEO Giuseppe Castagna said after media reports emerged that UniCredit is looking to acquire Banco BPM.
“We still have a very important path to take on the stock exchange, we have a very important standalone growth path ahead of us that is not yet fully exploited. Banco BPM is worth more,” Castagna was quoted by Reuters as saying.
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Speaking on the sidelines of the ASSIOM FOREX conference in Parma, Castagna also said that the lender had received no takeover bid from UniCredit.
The bank is assessing all available options and will make an announcement if a decision is made, a UniCredit spokesperson was quoted as saying by Reuters, adding that no special board meeting had been called.
Last Friday, Italian daily Il Messaggero reported that UniCredit is eyeing a potential deal with Banco BPM and an offer could be made during the weekend.
Later, the publication said that there was “no manoeuvring at the moment” because the conditions were not it line with UniCredit CEO Andrea Orcel’s M&A objectives.
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By GlobalDataNotably, UniCredit considered acquiring Banco BPM last year, the news agency said citing a source.
With a market capitalisation of $5.7bn, Banco BPM has considerable influence in the Lombardy region, which presents great geographical advantage for UniCredit.
Most recently, UniCredit abandoned plans to buy Russia’s Otkritie Bank, citing the geopolitical environment.
