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EU Approves UniCredit’s Takeover of Banco BPM Subject to Sale of 209 Branches

The approval comes after UniCredit pledged to divest 209 overlapping branches, leaving completion dependent on Rome’s pending golden power decision

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Overview

  • The European Commission concluded that the proposed merger poses no further competition risks in 181 overlapping local markets provided UniCredit cedes 209 branches under an independent trustee’s supervision.
  • Brussels dismissed a request by Italy’s competition authority to transfer the case for national review, citing its extensive expertise in banking sector analysis.
  • Completion of the €10.5 billion all-stock deal remains contingent on Italy’s final decision on its golden power invocation, which could impose additional strategic conditions or block the transaction.
  • Rome has already imposed stipulations requiring UniCredit to exit most Russian operations by early 2026 while maintaining payment services for Italian firms.
  • UniCredit has reiterated that its Russian business operates in full compliance with EU sanctions and supervisory standards, with assets largely segregated and risk exposure covered by excess capital.