Bpm could merge with another bank to overcome the capitalization crisis. This is the thesis supported by Equita's analysts. The Milanese bank will have to approve a capital increase of 1,2 billion euros at the shareholders' meeting on 25 June. The operation requested by the Bank of Italy promises to be difficult: the stock on the stock market today has a capitalization of 674 million and the new shares to be issued will be three times as many as those currently in circulation.
For Equita's brokers, therefore, a system solution is needed that reduces the 'execution risk' of the recapitalization. In an assessment of possible mergers with Banco Popolare and Ubi Banca, the merger with Banca Popolare dell'Emilia Romagna is the winner for Bpm. The reason? The dilution of trade unions in the shareholders' meeting and the possibility of strong synergies from an industrial point of view.
