Unipol has received approval from the European Central Bank and the Bank of Italy to increase its holding in BPER Banca beyond 20%, a move that allows it to assume de facto control of the Italian lender.
The approvals also cover any related increases in indirect qualifying stakes in companies within the BPER Banca Group and in other businesses in which BPER holds investments.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The European Central Bank’s decision includes operational recommendations, a requirement for Unipol to submit an integration plan for the BPER group, and additional reporting and disclosure duties.
These measures do not impose conditions, restrictions or other limits on the completion of the deal or the assumption of control.
On 1 October 2026, Italy’s insurance regulator IVASS also issued its clearance for Unipol to raise its stake in BPER and obtain control under Article 79 of the Italian Private Insurance Code (Codice delle Assicurazioni Private).
Separately, Unipol agreed to acquire a package of assets from Intesa Sanpaolo if Intesa’s takeover offer for Monte dei Paschi di Siena (MPS) is successful.
The deal covers about 635 MPS branches, most of the bank’s central operations and the Monte dei Paschi brand.
Unipol plans to combine the acquired operations with BPER, in which it is already the largest shareholder.
Laterza said Unipol wanted to “create a big financial conglomerate that will have an insurance leg and a banking leg that make the same contribution in terms of profitability.”
The consideration for the separated MPS operations will not exceed €3.5bn ($4.04bn). Laterza said Unipol would use its surplus capital generation principally to finance the acquisition, together with a planned €2.5bn capital increase expected to be completed by the end of the year.
