Enasarco oversees salespeople’s pensions. Credit: Olya Adamovich from Pixabay.

Italian specialist pension fund Enasarco has acquired a 1.97% stake in Banco BPM in a deal valued at €101.5m ($107m), reported Reuters.

Enasarco, which oversees salespeople’s pensions, paid €3.4 per share, a 7.6% premium to the closing price of Banco BPM’s stock on 12 December 2022.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

“The investment is part of Enasarco’s plans to develop its asset portfolio … including through investments that support the country’s real economy,” the fund was quoted by the news agency as saying.

As per the report, several investors in Banco BPM have entered a consultation pact to counter the influence of Credit Agricole, a French lender. 

In April this year, Credit Agricole acquired a 9.18% stake in the Italian banking group to strengthen and expand the scope of its consumer finance partnership with Banco BPM.

Following the acquisition, the French bank confirmed that it had no plans to buy a controlling stake in Banco BPM.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Italian banking foundations and pension funds, including Enpam and Inarcassa, which represent physicians and engineers, respectively are part of the pact, the report said. 

Together, these investors hold a 7.84% stake in Banco BPM and their holding would surpass Credit Agricole’s stake if Enasarco signs the pact. 

“Enasarco’s move … can be seen in terms of governance and reflects the will to create a strong base of local shareholders who could have a say in a possible M&A transaction,” broker Equita said in a statement. 

Banco BPM, which was formed in 2017 by merging Banco Popolare and Banca Popolare di Milano, had nearly €200bn in assets at the end of September 2022.