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Banco Popolare Sc (BAPO.MI)

BAPO.MI on Milan Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Banco Popolare to report 2016 loss due to loan writedowns
Saturday, 15 Oct 2016 09:11am EDT 

Banco Popolare Sc : Banco Popolare CEO says will report a loss for 2016 financial year due to loan writedowns requested by the European Central Bank. .The ECB asked for the loan writedowns as part of its agreement to approve Banco Popolare's planned merger with Banca Popolare di Milano..  Full Article

Banco Popolare hopes to sell 650 mln euros of bad loans by year-end
Saturday, 15 Oct 2016 08:51am EDT 

Banco Popolare CEO Pier Francesco Saviotti says at a news conference: the bank is working on the sale of a bad loan portfolio worth 650 million euros . hopes to complete the disposal by year-end Further company coverage: [BAPO.MI] (Reporting by Milan newsroom).  Full Article

Popolare Milano shares up 4 pct ahead of merger vote
Friday, 14 Oct 2016 03:50am EDT 

Banca Popolare Di Milano: Shares rise 4.4 percent after previously being halted limit up . Shareholders meet on Saturday to vote on a planned merger with peer Banco Popolare Further company coverage: [PMII.MI] (Reporting by Milan newsroom).  Full Article

Hoist Finance acquires SME portfolio in Italy
Friday, 14 Oct 2016 03:40am EDT 

Hoist Finance AB (publ) : Acquires portfolio of claims from small-and-medium sized enterprises (SME) from Banco Popolare in Italy . Portfolio consists of about 9000 claims with nominal value of about 600 million euro ($672.06 million) .10-year estimated remaining collections is 53 million euros.  Full Article

Shares in Banco Popolare, BPM rise ahead of merger vote
Friday, 14 Oct 2016 03:15am EDT 

Italian banks: Shares in Banco Popolare and Banca Popolare di Milano rise more than 3 percent ahead of shareholder meetings that will vote on a planned merger between the two lenders Further company coverage: [PMII.MI][BAPO.MI] (Reporting by Milan newsroom).  Full Article

Banco Popolare sets liquidation value for shares at 3.156 euros
Tuesday, 13 Sep 2016 01:31am EDT 

Banco Popolare says: will hold extraordinary shareholders' meeting to vote on a planned merger with Banca Popolare di Milano on Oct. 14, on first call, and on Oct. 15, on second call . the approval of the merger will trigger the right of withdrawal for shareholders who are not in favour of the merger .liquidation value for its shares placed under withdrawal is 3.156 euros each.  Full Article

Italy's Pop Milano, Banco Popolare set EGM for merger
Monday, 12 Sep 2016 01:30pm EDT 

Italy's Banca Popolare Di Milano and Banco Popolare say in separate statements:will both hold extraordinary shareholder meetings on October 14, in first call, and October 15, in second call, to vote on planned merger.  Full Article

Banco Popolare, BPM say ECB authorised new bank licence
Friday, 9 Sep 2016 03:03pm EDT 

Banco Popolare and Banca Popolare di Milano say:The European Central Bank has authorised the banking licence for the new parent company created through a merger of the two lenders.  Full Article

Banco Popolare CEO rules out ECB will request more on loan coverages
Friday, 5 Aug 2016 02:06pm EDT 

Banco Popolare Chief Executive Pier Francesco Saviotti tells an analyst conference call: he rules out the European Central Bank will make further requests on loan coverage ratios, on top of what was already agreed ahead of the merger with Banca Popolare di Milano (BPM) . has no doubt that bank will meet ECB requests of loan coverage ratio of 62 percent for bad loans and 49 percent for deteriorated loans . ECB did not ask bank to cut its government bond portfolio . the merger with BPM will speed up process to reduce bad loans Further company coverage: [BAPO.MI] (Reporting by Milan newsroom).  Full Article

BPM CEO says Monte dei Paschi rescue deal is not "new normal"
Thursday, 4 Aug 2016 12:59pm EDT 

Banca Popolare di Milano Chief Executive Giuseppe Castagna tells analyst call: Refuses to consider terms of Monte dei Paschi di Siena's rescue deal as "new normal" . Business plan for merger with Banco Popolare works fine even if planned 8 billion euro bad loan disposals are carried out at 30 percent of nominal value for secured loans and 5 percent for unsecured ones . Does not want to undersell bad loans, plans full digitalisation of bad loan portfolio in merged bank so that investors and regulator can assess its value . Reduction of government bond portfolio to have 20 million euro hit on interest margin in H2 but it will be offset by other elements . Government bond sale was triggered by Brexit though bank later saw that market bond yield spreads held up . Government bond sale accounted for 80 million euros of first-half 99.6 million euro net trading profit . Merger with Banco Popolare to be effective from Jan 1, 2017 . Does not expect outcome of Italy's constitutional referendum to affect planned merger . Sees cost of credit this year close to 90 basis points, in upper part of targeted range Further company coverage: [PMII.MI] (Reporting by Milan Newsroom).  Full Article

European bank mergers grind to halt despite pressures

FRANKFURT, Oct 27 Mergers and acquisitions in the European Union's bank sector ground to a halt in the first half of this year, European Central Bank data showed on Thursday, despite pressure from shrinking margins and from the ECB itself.