With or without the Generali stake? DB models BPM-MPS merger scenarios

Anima Holding SpA

06/05/2026 10:35

** With UniCredit CRDI.MI busy with its bid for Commerzbank CBKG.DE which it launched on Tuesday, a window opens up for other potential deals, Deutsche Bank writes

** Banco BPM is actively evaluating M&A opportunities, with Monte dei Paschi di Siena (MPS) BMPS.MI and Credit Agricole's Italian arm CAGR.PA still top of the list, CEO Giuseppe Castagna said on Tuesday

** In a Banco BPM-MPS combination, in which MPS holds onto its 13% stake in insurer Generali GASI.MI, DB calculates that the 'Danish Compromise' favourable capital rules could release more than 1 billion euros in capital for the combined entity

** Were MPS to sell the Generali stake to fund the BPM acquisition, DB estimates savings from the merger could boost earnings per share (EPS) for MPS investors by 6% and provide a single-digit acquisition premium to BPM shareholders in a deal with a 30% cash component and the rest in shares

** MPS and Banco BPM could also opt to strengthen ties with Generali, potentially with Generali buying BPM's stakes in the insurance unit Banco BPM Vita and fund management business Anima ANIM.MI. This would unlock capital for around 1.2 billion euros, DB calculates, with an EPS boost for the joint group even before any savings. The group could then hike the Generali stake and benefit from a higher earnings contribution

 (Reporting by Valentina Za)

 ((valentina.za@thomsonreuters.com))