Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Italy
  4. Borsa Italiana
  5. Banco BPM S.p.A.
  6. News
  7. Summary
    BAMI   IT0005218380

BANCO BPM S.P.A.

(BAMI)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Exclusive: Italy considering extending bank merger incentives to mid-2022 - sources

10/15/2021 | 04:58am EST
FILE PHOTO: The logo of Monte dei Paschi di Siena bank is seen at a bank entrance in Rome

ROME (Reuters) - Italy's Treasury is considering extending by six months tax breaks for corporate mergers it first introduced to entice a buyer for troubled state-owned bank Monte dei Paschi di Siena (MPS), two sources close to the matter said.

The scheme applies to all companies, but it benefits mostly banks and is a key plank of an incentive package the Treasury has tabled to sell MPS to stronger rival UniCredit.

The extension would give UniCredit more time to approve the purchase of "selected parts" of MPS it has been discussing with the Treasury since early August.

In their current form, the tax breaks Rome introduced with the 2021 budget allow banks to pay a fee to turn into tax credits so-called deferred tax assets (DTAs) stemming from past losses in the case of merger deals approved by directors or shareholders by Dec. 31, 2021.

The Treasury is now considering extending that deadline to June 30, 2022, the sources said.

UniCredit and MPS are still negotiating the terms of their deal. While a preliminary accord is expected in the coming weeks, according to several people close to the negotiations, the formal approval that unlocks the incentives would require longer.

UniCredit and MPS both declined to comment.

Italy's tax agency in September clarified the scheme can be tapped for multiple, separate merger deals, which bankers said potentially opened the door to three-way mergers were the incentives to be extended.

The Treasury at present is planning to leave unchanged a cap on the incentives set at 2% of the assets of the smaller bank involved in the merger, the sources said.

Earlier this year the Treasury tried to push through measures to extend the incentives and raise the cap to 3%, but a political pushback forced it to shelve the changes, which would have been very costly.

Sources said at the time the ministry could review the cap and the timeframe of the incentives at a later stage.

The scheme has met resistance within Prime Minister Mario Draghi's coalition where many politicians are against using taxpayers' money to spur bank mergers and could still try to block the Treasury's push to lengthen the incentives.

In its current formulation, the scheme entails a 2.2 billion euro ($2.6 billion) boost for a buyer of MPS.

Analysts see the incentives as a key consolidation driver for the Italian market, where mid-sized lenders like Banco BPM and BPER Banca are under pressure to seek a tie-up after Intesa Sanpaolo last year snatched UBI, the healthiest second-tier player, to cement its domestic leadership.

France's Credit Agricole earlier this year took over regional bank Creval, benefiting from the incentive scheme.

($1 = 0.8614 euros)

(Reporting by Giuseppe Fonte in Rome and Valentina Za in Milan; Editing by Jan Harvey)

By Giuseppe Fonte and Valentina Za


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANCA MONTE DEI PASCHI DI SIENA S.P.A. -4.31% 0.849 Delayed Quote.-18.60%
BANCO BPM S.P.A. -5.81% 2.43 Delayed Quote.34.40%
BPER BANCA S.P.A. -4.31% 1.697 Delayed Quote.14.28%
CRÉDIT AGRICOLE S.A. -4.39% 12.066 Real-time Quote.16.92%
INTESA SANPAOLO S.P.A. -5.75% 2.1565 Delayed Quote.12.75%
UNICREDIT S.P.A. -6.90% 10.494 Delayed Quote.37.21%
All news about BANCO BPM S.P.A.
11/24BANCO BPM S P A : November 24, 2021 - Non price sensitiveTeresio Testa new Chief Lending O..
PU
11/19BANCO BPM S P A : November 19, 2021 - Non price sensitiveDBRS Morningstar has revised the ..
PU
11/05Banco BPM S.p.A. Reports Earnings Results for the Third Quarter and Nine Months Ended S..
CI
11/05Banco BPM Group 9M 2021 Results Presentation
PU
11/05Banco BPM Strategic Plan 2021-2024
PU
11/05Banco BPM Targets $1.16 Billion Net Profit By 2024
MT
11/05Presentazione dei risultati dei 9M 2021 di Banco BPM
PU
11/05Piano Strategico 2021-2024 di Banco BPM
PU
11/05November 05, 2021 - Non price sensitiveResults as at 30 September 2021
PU
11/02NOVEMBER 02, 2021 - NON PRICE SENSIT : notice of completed filing of documents
PU
More news
Analyst Recommendations on BANCO BPM S.P.A.
More recommendations
Financials
Sales 2021 4 442 M 5 028 M 5 028 M
Net income 2021 546 M 618 M 618 M
Net Debt 2021 - - -
P/E ratio 2021 6,89x
Yield 2021 5,67%
Capitalization 3 673 M 4 156 M 4 157 M
Capi. / Sales 2021 0,83x
Capi. / Sales 2022 0,85x
Nbr of Employees 20 565
Free-Float 91,4%
Chart BANCO BPM S.P.A.
Duration : Period :
Banco BPM S.p.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BANCO BPM S.P.A.
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 2,43 €
Average target price 3,50 €
Spread / Average Target 43,9%
EPS Revisions
Managers and Directors
Giuseppe Castagna Chief Executive Officer & Executive Director
Edoardo Maria Ginevra Chief Financial Officer
Massimo Tononi Chairman
Federico Maurizio d'Andrea Chairman-Supervisory Board
Angelo Colla Head-Information Technology
Sector and Competitors