The European Commission has given its approval for UniCredit S.p.A.’s acquisition of Banco BPM S.p.A., contingent on certain conditions. This decision, made under the EU Merger Regulation, requires UniCredit to adhere to commitments designed to mitigate competition concerns in Italy’s banking sector. The Italian competition authority’s request to assess the merger under national law was declined by the Commission.
Both UniCredit and BPM offer corporate banking services to small and medium-sized enterprises (SMEs) and large corporate clients (LCCs), alongside retail banking, insurance, and asset management services. While UniCredit operates extensively in Italy, Germany, Central and Eastern Europe, BPM is primarily active in Italy.
The Commission’s investigation highlighted potential competition issues at a local level concerning deposits and loans for retail consumers and SMEs due to significant overlaps between the companies’ activities across 181 areas. However, no such concerns were identified at a regional level for LCCs banking services because of existing competitors.
To address these issues, UniCredit has agreed to divest 209 branches in areas with problematic overlaps. These measures are expected to eliminate horizontal overlaps and maintain competition levels. The transaction will be monitored by an independent trustee under the Commission’s supervision.
The Commission rejected the Italian authority’s referral request based on Article 9(3) of the EUMR, which allows such referrals if competitive effects are confined within a Member State. The decision emphasized the importance of preserving competition in sectors like banking that are vital for economic development within the Capital Market Union and Savings and Investment Union.
UniCredit is recognized as Italy’s second-largest banking group by assets with operations also in Germany, Central and Eastern Europe, UK, and US. Meanwhile, BPM ranks third in Italy following its formation from a merger between Banco Popolare and Banca Popolare di Milano in 2017.
The transaction was notified on April 24, 2025. The Commission reviews mergers involving companies exceeding certain turnover thresholds to prevent any substantial impediment to effective competition within the European Economic Area.
For further details on this case (M.11830), information can be accessed through the Commission’s public case register online.
Lea Zuber
Spokesperson
Phone: +32 2 29 56298
Email: [email protected]
Sara Simonini
Press Officer
Phone: +32 2 29 83367
Email: [email protected]
