BancoBpm, takeover bid for Anima: that is how the “Danish compromise” arrives in Italy | EUROtoday

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With the takeover bid launched by BancoBpm by its insurance coverage subsidiary on Anima Sgr, the so-called “Danish bis compromise” additionally arrives in Italy. The operation has a strategic worth for the financial institution led by CEO Giuseppe Castagna as a result of the brand new monetary conglomerate will present the BancoBpm group with a hub that can be capable of depend on complete belongings of 220 billion in life insurance coverage and managed financial savings.

The influence of Basel 3

But what makes the operation extra handy, with capital absorption restricted to 30 foundation factors of Cet1, is the brand new regulation of Basel 3 and specifically of the so-called expanded Danish compromise which, as highlighted by a Mediobanca Research report in September, permits reductions belongings if a financial institution acquires an asset supervisor indirectly however by certainly one of its insurance coverage subsidiaries.

The precedent of BNP Paribas

It isn’t any coincidence that the provide just isn’t launched by the mum or dad firm BancoBpm however by the subsidiary BancoBpm Vita, replicating a scheme, hitherto by no means utilized in Italy, which in July noticed the French Bnp Paribas – by the insurance coverage subsidiary Cardiff – purchase from Axa the asset administration division. A case destined to set a precedent in Italy too and which sees the BancoBpm group as a trailblazer.

Growth methods and dangers

The takeover bid for Anima Sgr initiatives the group led by Castagna in direction of a progress technique which, given the required dimension proportions, follows that of Intesa Sanpaolo with a enterprise mannequin that goals to internalize the product corporations. Will BancoBpm’s progress in dimension additionally serve to flee any future goals of UniCredit? Maybe, even when yesterday the CEO Andrea Orcel declared that the Commerzbank file will hold him busy for not less than a 12 months. Rather, will probably be attention-grabbing to see if the brand new “captive” Anima Sgr, i.e. managed by BancoBpm, will keep relationships with certainly one of its predominant prospects: MPS.