Banco BPM and the Banca Asti Dilemma: Profitability and Foundations Under the Spotlight

(Alliance News) - In the ongoing banking consolidation, a tentative hypothesis has surfaced: Banco BPM may increase its stake in Banca di Asti, where it already holds 9.99%.

As reported by Corriere della Sera's Monday supplement, L'Economia, such a move would not shield the institution led by Giuseppe Castagna from potential external incursions, but it does highlight the unique characteristics of the Piedmontese bank, which has grown over the years, notably through the integration of Biver Banca.

Banca Asti's scale remains modest compared to Banco BPM, which posted net profits of EUR 1.6 billion in the first nine months of the year. The Asti-based institution has assets totaling EUR 13 billion, funding of EUR 18.9 billion, and customer loans amounting to EUR 7.4 billion. As of June 30, 2025, net profit rose to EUR 37 million from EUR 32 million the previous year, following EUR 51.2 million recorded on December 31, 2024. However, this growth is still insufficient to affect the dimensions of the Milanese group.

Banca Asti's shareholder structure reflects the strong role of foundations: Cr Biella holds 35.1%, Cr Asti 31.8%, Crt 6%, and Cr Vercelli 4.2%, with a further 12.91% held by other shareholders. The recent Acri-Mef protocol highlighted the risk of excessive investment concentration, recommending a cap at 44% of assets and greater diversification to strengthen investment capacity and ensure the continuity of philanthropic activities.

Data reveal wide disparities among the foundations. The Compagnia di San Paolo, a shareholder in Intesa Sanpaolo, collected EUR 318.4 million in dividends in 2024, with an impact of 40%. Cr Biella received EUR 2.7 million from Banca Asti, representing 39.68%, while Cr Vercelli earned EUR 887,000, equivalent to 26.12%. Cr Asti's situation is more critical, with its stake accounting for 80.36% of its assets--far exceeding the recommended threshold--despite generating EUR 6.7 million in dividends.

Between 2021 and 2024, the average yield from stakes in the conferring bank was 1.65% for Biella, 1.82% for Vercelli, and 2.47% for Cr Asti, compared to an annual average of 8.45% for Compagnia di San Paolo with Intesa Sanpaolo and 11.86% for Fondazione Cr Cuneo. In other instances, average returns reached 5.89% for Fondazione Crt with UniCredit, 5.63% for Fondazione Cr Ravenna with its own bank, and 4.6% for Fondazione Cr Alessandria with Banco BPM, while Crédit Agricole provided an average return of 3.16% to Fondazione Cr Spezia.

By Antonio Di Giorgio, Alliance News reporter

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