Key Developments: Banca Popolare di Milano Scarl (PMII.MI)
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25,847,529
61,796,476
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Latest Key Developments (Source: Significant Developments)
Moody’s Investors Service Lowers Banca Popolare di Milano Scarl's Long and Short Term Rating
Banca Popolare di Milano Scarl announced that Moody’s Investors Service (Moody's) has lowered the long term rating on Banca Popolare di Milano Scarl to Ba3 from Baa3 and the short term rating to NP from P-3. Furthermore the ratings were put under review for possible downgrade. Full Article
Banca Popolare di Milano Scarl Updates on Plan to Transform Bank into Joint-Stock Company and Rights Issue up to Maximum EUR 500 Million
Banca Popolare di Milano Scarl (BPS) announced that following the decisions taken on February 12, 19 and March 25, 2013, the Management Board of Banca Popolare di Milano on May 10, 2013 decided not to submit to the approval of the General Meeting of Members scheduled for June 21-22 the project to transform BPS into a hybrid joint-stock company. The Management Board is still convinced about the importance of achieving a model of stable and transparent governance. However, it has decided to give priority to the EUR 500 million increase in capital, which will be used to repay the Tremonti Bonds. The Management Board will therefore evaluate all suitable initiatives to improve BPM's governance in order to complete the increase in capital and complete the action plan to resolve the critical aspects of the Bank's governance. Full Article
Banca Popolare di Milano Scarl Announces Resignation of Prof. Filippo Annunziata Independent Chairman of the Supervisory Board
Banca Popolare di Milano Scarl announced that Prof. Filippo Annunziata has resigned from his position as Independent Chairman of the Supervisory Board of the Company. Full Article
Banca Popolare di Milano Scarl's Supervisory Board Approves Project of Transformation of Bank Into Joint Stock Company; Approves Share Capital Increases
Banca Popolare di Milano Scarl announced that the Supervisory Board of the Bank has examined and approved the application for authorization to Banca d'Italia regarding the transformation project of the Bank into a joint stock company (societa per azioni, SpA) as well as a rights issue pursuant to art. 2349 of the Civil Code of up to 358.8 million ordinary shares to be allocated free of charge to the Bank's employees and a cash increase in capital by issuing unlisted shares of a special category reserved for Fondazione Onlus BPM (the not-for-profit BPM Foundation that is being established), which will give the Foundation the right to appoint three members of the Supervisory Board. Banca Popolare di Milano Scarl has also announced that the Supervisory Board has also approved a rights issue of ordinary shares for up to EUR 500 million (including any share premium) to be offered to current shareholders. The transformation project as well as the share capital increases will be deliberated at the Shareholders' Meeting scheduled on June 21 and June 22, 2013. Full Article
Banca Popolare di Milano Scarl Places Three-Year EUR 750 Million Unsecured Senior Bond
Banca Popolare di Milano Scarl announced that it has, on January 16, 2013, placed a three-year Unsecured Senior Bond amounting to EUR 750 million, with a fixed-rate coupon of 4% reserved to institutional investors. The yield is +360 bps over the three-year midswap rate. The placement was handled by Banca Akros, JP Morgan, Societe Generale CIB and UBS. Full Article
Banca Popolare di Milano Scarl Cancels Framework Agreement with Credit Industriel et Commercial SA
Banca Popolare di Milano Scarl announced that it has withdrawn from and canceled the framework agreement established with Credit Industriel et Commercial SA on April 22, 2004. Banca Popolare di Milano anticipates the automatic renewal of the framework agreement and thus the agreement will end from December 31, 2013. Full Article
Banca Popolare di Milano Scarl and Trade Unions Sign Framework Agreement
Banca Popolare di Milano Scarl announced that it has signed with the Group's Trade Union Delegation (FABI, FIBA/CISL, FISAC/CGIL, SINFUB, UGL CREDITO, UILCA and FALCRI) a Framework Agreement for the personnel following implementation of the BPM Group's 2012-2015 Business Plan. This agreement will make it possible to reduce the Company's total workforce by 700 people through a voluntary retirement plan on the part of those who will be eligible for a pension as of December 31, 2015 (the deadline of the Business Plan) and extraordinary access to the sector's Solidarity Fund for those who will be eligible for retirement benefits by December 31, 2018, with the possibility of an extension to June 30, 2020. Full Article
Banca Popolare di Milano Scarl Approves Merger by Incorporation of Banca di Legnano SpA into Company
Banca Popolare di Milano Scarl announced that it has approved the merger by incorporation of its subsidiary Banca di Legnano SpA into the Company. Banca Popolare di Milano holds a 97.8% stake in Banca di Legnano and Fondazione Cassa di Risparmio di Alessandria holds the remaining 2.2%. The merger is part of the Company's Industrial Plan for the years 2012-2015. The merger is expected to take place by the end of fiscal year 2013. Full Article
Moody's Puts Under Observation for Possible Downgrade Banca Popolare di Milano Scarl's Long and Short-Term Debt and Deposit Rating and Bank Financial Strength Rating
Banca Popolare di Milano Scarl announced that Moody's Investors Service has decided to put under observation for possible downgrade the Company's Long and Short-Term Debt and Deposit rating (Baa3/P-3) and the stand alone Bank Financial Strength Rating - BFSR - (D+). Banca Popolare di Milano Scarl disagreed with the measures adopted with Moody's. Full Article
Fitch Cuts Seven Italian Mid-Sized Banks Including Banca Popolare di Milano Scarl-Reuters
Reuters reported that ratings agency Fitch downgraded the long-term ratings of seven mid-sized Italian lenders on Tuesday, citing deteriorating funding conditions as the recession in the euro zone's third-biggest economy shows no sign of abating. Among the banks cut were Banca Popolare di Milano Scarl, Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia and Banca Popolare di Vicenza. Most banks remained within the investment grade category, but four of them, Banca Carige, Banca Popolare di Vicenza, Credito Valtellinese and Veneto Banca - slipped to BB -plus from BBB. Italian banks are under pressure because of the widening euro zone debt crisis and are seen as vulnerable because of their large stock of impaired loans and reliance on institutional funding. Fitch said it currently expects Italian GDP to contract by 1.9% in 2012 and to show zero growth in 2013. Other banks' ratings were affirmed, including Banca Popolare dell Emilia Romagna Sc at 'BBB' and Credito Emiliano S.p.A. at 'BBB+'. The outlook for all nine banks is negative. Full Article
Update-Moody's: No rating impact on Banca Popolare di Milano's mortgage covered bond programme following swap amendments
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