JP Morgan has surpassed 10% of Bper. This is what emerges from the communications released by Consob, Wednesday, March 11. The US giant is acting alone; it is not aiming to take control of the bank or influence Bper's management, it clarifies.
The details of the operation
From the communications released by Consob on March 11, 2026, we learn that on March 3 JP Morgan rose to 10,342% its aggregate stake in Bper Banca. The stake is held through four subsidiaries.
Specifically, 6,74% relates to voting rights attributable to bank shares, while 0,05% refers to a potential participation (convertible bonds and recall rights without expiration dates). 0,104% refers to other long positions with physical settlement, while the remaining 3,448% refers to other long positions with cash settlement. Overall, between indirect asset management and derivatives, the result is potential participation with voting rights equal to 10,3%.
It's not the first time that the US bank reaches and surpasses double digits in Bper. This had already happened last year between June and July, when the banking game was raging in Italy and Bper was on the verge of successfully concluding the offer on Pop Sondrio.
"The acquisition was financed using JP Morgan's usual sources of capital and financing. The acquisition of voting rights is related to the provision of liquidity, exposure, or hedging arising from client transactions in cash products (including equities and exchange-traded funds) or derivatives (including options, swaps, and futures) both on- and off-exchange," the bank explained.
Bper-Pop Sondrio: shareholders' meetings approve merger
In the meantime, the extraordinary meetings of Bper and Pop Sondrio have given the green light to the merger of the Valtellina bank into the Emilian one, including the related exchange ratio equal to 1,45 ordinary shares of BPER for each ordinary share of BP Sondrio.
Also in an extraordinary session, the Bper assembly also approved the amendment of Article 5 of the Articles of Association, to reflect theshare capital increase of Bper to service the exchange ratio.
