Three insurance giants and a large banking group are courting Banco Bpm policies but what will the bank led by Giuseppe Castagna do? Will he keep the insurance business in-house managing it on his own, will he look for partners or will he sell? For now, Banco Bpm is enjoying the good competition that has begun to become its exclusive partner in the insurance field and which sees giants of the caliber of Generali, Axa, Allianz and Credit Agriculture (which recently also became the first shareholder of the bank in Piazza Meda having taken over 9,1% of the capital)? However, it is not excluded that on 5 May, on the occasion of the presentation of the quarterly report, Castagna will also talk about the future of his insurance business and shed light on the situation. The market expects it.
Banco Bpm is evaluating 4 insurance partnership offers
Meanwhile, the speculative appeal linked to banking risk and now also to the future of insurance business is giving a sprint to the Banco Bpm stock on the Stock Exchange, which has gained more than 16% since the beginning of the year.
The creation of value for Banco Bpm that the four candidates will be able to offer in the insurance field will be decisive: in other words, the price that Generali, Allianz, Axa and Credit Agricole will be willing to pay for the Milanese bank's policies is important but that's not all. because Castagna aims not only to raise cash but to make the business grow and to intertwine it with the strategic prospects of Piazza Meda.
All the insurance businesses are at stake: from Bpm Vita to Vera Assicurazioni
One thing, however, is clear right now and that is that the 4 big names who have entered the field for a partnership with Banco Bpm are aiming not only at an asset of the Milanese bank but at its entire insurance perimeter, i.e. at an alliance that concerns both Bpm Vita – for which 81% Banco Bpm has recently exercised the call option from Covea - both Vera Assicurazioni, where, however, it will take time for Castagna to be able to exercise the call option on 65% of the current partner Cattolica (now Generali) only from January 2023. Times and methods are essentially all to be defined but Piazza Affari has already turned its spotlight on Banco Bpm and its insurance business. And we understand why.
