Banca Popolare di Milano
Corporate brand
UnclaimedAn Italian cooperative banking institution founded in Milan in 1865 and reorganized as a wholly owned subsidiary of Banco BPM in 2017.
Last updated August 25, 2026
Overview
Banca Popolare di Milano, commonly known as BPM or Bipiemme, is an Italian banking brand rooted in Milan and the Lombardy region. Its institutional history begins in 1865, when Luigi Luzzatti founded the bank as an urban cooperative credit institution. Luzzatti drew on the cooperative banking ideas associated with Hermann Schulze-Delitzsch in Germany, adapting them to the Italian context. BPM became the second cooperative bank established in Italy, following Banca Popolare di Lodi, and was intended to broaden access to credit through a member-oriented banking model. The bank expanded substantially during the twentieth century, particularly from the 1950s onward. Growth came through the acquisition of interests in or combinations with a range of local and regional institutions, including Banca Popolare di Roma, Banca Briantea, Banca Agricola Milanese, Banca Popolare Cooperativa Vogherese, Banca Popolare di Bologna e Ferrara, Banca Popolare di Apricena, INA Banca, Cassa di Risparmio di Alessandria, Banca di Legnano and Banca Popolare di Mantova. This expansion transformed BPM from a primarily Milanese cooperative bank into a network with a wider Italian presence, while Milan and Lombardy remained its principal geographic base. BPM developed a broad banking model covering retail and commercial banking, private banking, corporate banking, consumer credit, factoring, insurance-related activities and asset management relationships. In 1999 it launched WeBank, an online banking service, reflecting the sector's movement toward digital distribution. It also held minority interests in institutions including Cassa di Risparmio di Asti and Crediop. During 2010 the bank made several strategic moves: it acquired a minority stake in the factoring company Factorit, approved the sale of its custodian-bank activity to BNP Paribas, took steps to consolidate its position in the life-insurance business Bipiemme Vita, and formally launched ProFamily as a consumer-credit specialist. BPM also participated in an asset-management alliance involving Monte dei Paschi di Siena and Clessidra SGR that contributed to the creation of Anima Holding. At the end of 2016, immediately before the combination with Banco Popolare, BPM operated 656 branches and private- or corporate-banking centers. Approximately 61 percent were in Lombardy, while the remainder were distributed across several Italian regions, including Piedmont, Lazio, Apulia, Emilia-Romagna and Liguria. The 2016 merger was a major structural turning point. Shareholders of BPM and Banco Popolare approved the transaction in October 2016, creating Banco BPM. Rather than disappearing as a commercial name, BPM's banking operations were transferred into the former Banca Popolare di Mantova, which was renamed Banca Popolare di Milano S.p.A. on 1 January 2017. The resulting company became a wholly owned subsidiary of Banco BPM. The reorganization separated the continuing BPM operating brand and legal subsidiary from the former independently listed cooperative parent. Before the transaction, Banca Popolare di Milano was listed on the Milan Stock Exchange. Following the merger, Banco BPM became the listed parent and BPM ceased to have a separate stock-market listing. In 2017, the subsidiary had 604 branches excluding Banca Akros. BPM therefore remains an active banking brand and legal entity within Banco BPM, but its post-merger role differs from that of the independent cooperative bank that existed before 2017.
History
Banca Popolare di Milano was established in Milan in 1865 by Luigi Luzzatti, an economist and statesman who later became Italy's prime minister. Its creation followed the cooperative-credit principles developed by Hermann Schulze-Delitzsch in Germany. BPM was the second cooperative bank founded in Italy, after Banca Popolare di Lodi, and was designed as an urban popular bank serving members and local economic activity. The institution's original identity was closely associated with Milan and Lombardy, but it expanded through acquisitions and investments in other banking institutions. From the 1950s onward, its growth included links with Banca Popolare di Roma, Banca Briantea, Banca Agricola Milanese, Banca Popolare Cooperativa Vogherese, Banca Popolare di Bologna e Ferrara, Banca Popolare di Apricena, INA Banca, Cassa di Risparmio di Alessandria, Banca di Legnano and Banca Popolare di Mantova. These transactions helped create a broader branch network across Italy while maintaining Milan as the core market. BPM diversified beyond conventional deposits and lending. Its activities and relationships included retail banking, corporate banking, private banking, consumer credit, factoring, insurance and asset management. In 1999, it introduced WeBank, an online banking service. It also held minority positions in Cassa di Risparmio di Asti and Crediop. In 2010, the bank acquired a 30% interest in Factorit, a company specializing in factoring and the advance and collection of trade receivables. In the same period it approved the sale of its custodian-bank activity to BNP Paribas, received authorization to acquire a controlling interest in Bipiemme Vita, launched the ProFamily consumer-credit company and entered an agreement with Monte dei Paschi di Siena and Clessidra SGR concerning the combination of asset-management businesses that contributed to the development of Anima Holding. The late 2000s and early 2010s also placed BPM within the wider European banking and sovereign-debt environment. During the Greek debt crisis in 2010, the bank publicly stated that its exposure to securities issued by countries grouped under the then-used PIGS label was below €22 million. The decisive transformation came through the merger with Banco Popolare. The transaction was approved by the extraordinary meetings of both banks on 15 October 2016. The structure transferred BPM's banking operations into Banca Popolare di Mantova, which was renamed Banca Popolare di Milano S.p.A. on 1 January 2017. The renamed company became a wholly owned subsidiary of the newly created Banco BPM. This arrangement preserved the BPM name as a banking brand and operating legal entity but ended the independent corporate and stock-market status of the former Banca Popolare di Milano cooperative company. Before the merger, BPM was listed on the Borsa Italiana; after the merger, Banco BPM was the listed parent. Before the merger, BPM reported 656 branches and banking centers at 31 December 2016, with roughly 61% located in Lombardy. Its footprint also extended to Emilia-Romagna, Lazio, Apulia, Piedmont, Liguria, Veneto, Tuscany, Campania, Marche, Molise, Abruzzo and Friuli-Venezia Giulia. At 31 December 2017, the post-merger BPM subsidiary had 604 branches excluding Banca Akros. The historical cooperative bank therefore evolved into a regional Italian banking brand operating within a larger national banking group.
- 2017
BPM becomes a wholly owned Banco BPM subsidiary
[1]Banca Popolare di Mantova is renamed Banca Popolare di Milano S.p.A. and receives the former BPM banking operations.
- 2016
Merger with Banco Popolare is approved
[1]Shareholders approve the transaction that creates Banco BPM and reorganizes BPM's business into a subsidiary structure.
- 2010
Diversification and portfolio restructuring
[1]BPM announces transactions involving Factorit, its custodian-bank business, Bipiemme Vita, ProFamily and asset-management activities.
- 1999
WeBank is launched
[1]BPM introduces an online banking service under the WeBank name.
- 1950
Expansion through banking interests and acquisitions
[1]From the 1950s onward, BPM expands its network and capabilities through investments in and combinations with local and regional Italian banks.
- 1865
Banca Popolare di Milano is founded
[1]Luigi Luzzatti establishes the cooperative bank in Milan, inspired by German credit-association principles.
Products and positioning
A Milan-rooted cooperative banking brand serving retail, private, corporate and small-business customers within the Banco BPM Group.
Banking services
Retail banking
BPM's core retail franchise provides everyday banking through branches and digital channels, including deposit-taking, payment services, current-account relationships and lending. The retail business historically operated across Lombardy and a wider Italian network, retaining a strong Milanese and regional identity after the creation of Banco BPM.
Banking services
Corporate and private banking
The bank operated dedicated corporate-banking and private-banking centers alongside its branch network. These activities served businesses, entrepreneurs and higher-net-worth customers through financing, cash-management, investment and relationship-banking services, although the precise current product architecture is determined within Banco BPM.
Online banking · 1999
WeBank
Introduced in 1999, WeBank was BPM's online banking service and represented an early move to distribute banking products through digital channels. It complemented rather than replaced the bank's extensive physical network and formed part of BPM's modernization as Italian customers adopted internet-based account access.
Consumer credit · 2010
ProFamily
ProFamily was established as a specialist consumer-credit company. BPM formally inaugurated it in 2010 after receiving regulatory clearance, broadening the group's capacity to provide consumer-finance products alongside its conventional retail lending activities.
Factoring · 2010
Factorit participation
BPM acquired a 30% stake in Factorit in 2010. Factorit operated in factoring, including the advance and collection of trade receivables and related services, giving BPM an interest in a specialist form of business finance for companies.
Brand decisions
2017
Reconstitute BPM as a Banco BPM subsidiaryStrategyBackground
The merger required the former BPM operations to be transferred into a separate legal entity.
Action taken
Banca Popolare di Mantova was renamed Banca Popolare di Milano S.p.A. on 1 January 2017 and received the relevant BPM business.
Aftermath
BPM continued as a wholly owned subsidiary and banking brand, while its former independent listed status ended.
2016
Approve the merger with Banco PopolareM&ABackground
The transaction was designed to combine two Italian cooperative banking groups and create Banco BPM.
Action taken
BPM and Banco Popolare shareholders approved the merger at extraordinary meetings on 15 October 2016.
Aftermath
Banco BPM became the listed parent, while the BPM banking business was placed into a renamed subsidiary.
2010
Acquire a minority stake in FactoritM&ABackground
BPM sought a stronger position in factoring and trade-receivables finance.
Action taken
It announced the acquisition of 30% of Factorit from Banco Popolare for €51 million.
Aftermath
Factorit continued to have Banca Popolare di Sondrio as its other major shareholder according to the referenced account.
Purchase price. €51 million (2010 announcement)
2010
Sell the custodian-bank activity to BNP ParibasStrategyBackground
BPM reviewed the composition of its financial-services portfolio.
Action taken
The board approved the sale of the custodian-bank business to BNP Paribas.
Aftermath
The transaction was reported to generate an approximately €50 million capital gain.
Reported capital gain. Approximately €50 million (2010)
2010
Launch ProFamilyProduct launchBackground
BPM wanted a dedicated platform for consumer-finance activities.
Action taken
After Bank of Italy authorization, BPM formally inaugurated ProFamily as a consumer-credit company.
Aftermath
The launch expanded BPM's retail-finance scope beyond deposit and conventional lending products.
2010
Enter an asset-management allianceM&ABackground
BPM participated in an effort to combine asset-management businesses and create a more independent operator.
Action taken
It agreed with Monte dei Paschi di Siena and Clessidra SGR to combine Anima SGR with Prima SGR.
Aftermath
The resulting structure was associated with the creation of Anima Holding.
Recent events
- 2017
Banca Popolare di Milano S.p.A. becomes a Banco BPM subsidiary[1]
M&A · Leadership change
On 1 January 2017, Banca Popolare di Mantova was renamed Banca Popolare di Milano S.p.A. and received the BPM banking business as part of the merger structure. The resulting entity became wholly owned by Banco BPM.
- 2016
Shareholders approve the Banco Popolare and BPM merger[1]
M&A
Extraordinary shareholder meetings approved the combination of Banca Popolare di Milano and Banco Popolare, leading to the creation of Banco BPM and the reorganization of BPM's banking operations.
- 2010
BPM acquires a 30% stake in Factorit[1]
M&A
BPM announced the purchase of a 30% interest in Factorit from Banco Popolare for €51 million. Factorit provided factoring and trade-receivables services and was also owned by Banca Popolare di Sondrio.
- 2010
BPM approves the sale of its custodian-bank activity to BNP Paribas[1]
M&A
The board approved a transaction transferring the bank's custodian-bank business to BNP Paribas. The reference material reported an approximately €50 million capital gain.
- 2010
BPM reports limited exposure to PIGS-country securities[1]
Regulation · Other
Against the background of the Greek sovereign-debt crisis and rating downgrades, BPM stated that its exposure to securities from the group then described as PIGS countries was below €22 million.
- 2010
BPM receives authorization to acquire the remaining stake in Bipiemme Vita[1]
M&A
The Bank of Italy authorized BPM to acquire from Fondiaria Sai the 51% stake in Bipiemme Vita held by Milano Assicurazioni, for a reported €113 million.
- 2010
BPM formally launches ProFamily[1]
Product launch
Following regulatory approval, BPM inaugurated ProFamily, a company focused on consumer credit.
- 2010
BPM joins asset-management alliance involving Anima[1]
M&A
BPM announced an agreement with Monte dei Paschi di Siena and Clessidra SGR to combine Anima SGR with Prima SGR and establish an independent asset-management operator, later associated with Anima Holding.
- 1999
BPM launches the WeBank online banking service[1]
Product launch
Banca Popolare di Milano introduced WeBank as an online banking service, adding a digital channel to its traditional branch network.
Sources1 sources
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