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Investing.com -- Italy-based bank, Banco BPM, announced it will continue with its acquisition offer for asset manager Anima Holding, despite a negative perspective from the European Central Bank (ECB) on the application of lighter capital rules to the deal.
Previously, Banco BPM’s offer was contingent on the application of the Danish Compromise rules. These rules permit banks to acquire asset managers through insurance subsidiaries, thereby consuming less capital.
However, late Thursday, the bank revealed it had waived this ECB condition tied to its Anima offer.
The board of Banco BPM expressed its belief in the strategic value of the Anima offer, even without the application of the Danish Compromise.
They outlined that Anima is expected to play a crucial role in the bank’s strategic plan through to 2027. Additionally, the offer is anticipated to yield significant financial returns.
In the same announcement, Banco BPM reiterated the targets of its recently revealed strategic plan for the 2024-2027 period.
The plan includes a minimum common equity tier 1 ratio, a measure of financial strength, of 13% and dividend payouts of 6 billion euros ($6.48 billion) without the application of the Danish Compromise.
The bank initiated its bid for Anima in November. Since that time, Banco BPM itself has become the target of a takeover approach by larger competitor, UniCredit.
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