JP Morgan, the largest bank in the world with a capitalization of over $420 billion and one of the Big Four in America, made a surprise entry into the capital of the Banco BPM by purchasing 5,15%. This is what emerges from the communications of the Consob on significant shareholdings in companies listed on the Milan Stock Exchange.
JP MORGAN'S ENTRY INTO BANCO BPM REWARDS CASTAGNA'S WORK BUT RAISES SOME CONCERNS
For Joseph Chestnut, who leads Banco BPM, can be a source of pride and the attestation of the good work done at the head of the Milanese bank which has long been at the center of the rumors on banking risk and which a few months ago only an unexpected leak of news prevented the 'Unicredit by Andrea Orcel to gain control of it. But the entry into the capital of the largest bank in the world is not only this and, together with the legitimate satisfaction, for Castagna it can also be a cause for concern about the future. Why? This was explained by La Repubblica this morning which recalled, not surprisingly, that JP Morgan is also the advisor of Credit Agricole, the French bank which in turn took over 9,18% of Banco BPM last April, becoming its first shareholder and which he does not hide his aims on the insurance activities of the Milanese bank.
AUGUST IS NEVER A QUIET MONTH FOR FINANCE AND IN FACT CUCCIA…
The market therefore wonders about the real purposes of the investment by JP Morgan, activated by London through derivative instruments, and wonders if the American bank is playing on its own, imagining a probable revaluation of the Banco BPM stock in MY BAG in relation to the possible developments of risk, or if it acts as a support for the French of Credit Agricole. It cannot be excluded that Consob will soon ask for new clarifications but one thing is certain: for many, August is a month of vacation but not for finance. Not by chance the legendary Henry Cuccia in August he never went on vacation but from his Mediobanca chair in the heart of Milan he spun a thousand financial plots that only time would reveal.
