Etude de l'AG du 08/04/2017
Banco BPM was established in January 2017, resulting from the merger between Banca Popolare di Milano ("BPM") and Banco Popolare.
During the last round of TLTRO II in March 2017, 474 European financial institutions bid for €233 billion in loans far exceeding the expected amount of €110 billion. According to Reuters, Banco BPM bid for €3.1 billion in loans (equivalent to 39% of its balance sheet funding from institutional investors, or wholesale funding). These loans have a four-year maturity and carry a 0% interest rate (which could be revised down to -0.4%).
In December 2016, Fitch downgraded the credit rating of both BPM and Banco Popolare to BB- sighting concerns over the combined entity
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