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A strategic step in managed savings
Banco BPM, through its subsidiary Banco BPM Vita, recently announced the launch of a voluntary takeover bid to acquire all of the common shares of Anima, an important transaction aimed at delisting the largest independent asset management group in Italy. This move represents a significant step in the context of Banco BPM’s strategic plan, which aims to strengthen its position in the asset management and life insurance sector
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Details of the transaction and impact on the market
The price set for the transaction is 6.20 euros per share, a value that implies a 35% premium compared to the market values of the last twelve months. According to the banking group’s statements, the transaction will not only improve income performance, but will also help create a ‘national champion’ in the sector. Earnings per share are expected to increase by around 10%, while RoTE (Return on Tangible Equity) is expected to rise from 13.5% to 17% by 2026
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Objectives for growth and financial sustainability
Banco BPM has outlined that the transaction will lead to a significant improvement in the composition of revenues, with the impact of commissions on the interest margin and income from services that will rise from 37% to more than 45%. In addition, the total contribution of factories produced to group revenues is expected to increase from 1.18 billion to 1.6 billion euros by 2026. These results are in line with the group’s sustainable growth objective, which aims to maintain a limited capital absorption, with a reduction in the CET1 Ratio by about 30
basis points.
Future prospects and deadlines
The transaction is expected to close by the first half of 2025, provided that all necessary regulatory authorizations are met. This project is part of a wider context of restructuring and optimization of Banco BPM’s resources, which is preparing a new Strategic Plan for the period 2025-2027, which will be presented to the financial community on. The acquisition of Anima therefore represents a fundamental step for the future of the group and for the asset management sector in Italy
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