Italy’s UniCredit Weighs Strategy Amid Bid Rumors for BPM

Italy’s second-largest bank, UniCredit, is weighing its options following reports it was making moves to snag rival Banco BPM.

The news was originally published by an Italian newspaper that reported UniCredit was considering a bid for Banco BMP, a smaller competitor.

However, as the hours ticked by and the scuttlebutt quieted, a UniCredit spokesperson said the bank is mulling options that align with its business plan, Reuters and other news outlets reported on Friday (Feb. 11).

UniCredit is looking at feasible prospects that are strategically aligned with its approach for 2022-24, a spokesperson said.

See also: Italian Bank UniCredit Seeks to Sell Leasing Business

Banco BPM has said that it has no information about acquisition interest from its larger rival UniCredit, a source told Reuters. On the news of a possible purchase bid from UniCredit, shares in Banco BPM ticked up on Friday.

Italy’s second-largest bank didn’t call an extraordinary board meeting, and a spokesperson told Reuters that the market will know if anything solid develops.

Read more: Italy’s Post Office Eyes Payments, Card Processor Acquisition

Founded in 1998 and headquartered in Milan, Italy, UniCredit is a Pan-European commercial banking institution offering personal and business banking services worldwide. Its primary products include senior debt, subordinated debt, term loans and revolving credit lines.

The bank is part of an international network of offices and branches that serve customers in 16 countries around the world. Banco BPM is based in Milan, Italy, and was founded in 2017.