Banco BPM, one of the leading banks in Italy, has announced its intention to engage in exclusive negotiations with asset management company FSI. This move is aimed at establishing a new payments joint venture, which would be the second-largest in Italy and wholly-owned by Italian operators.
After carefully considering various offers, Banco BPM has chosen to enter talks with FSI SGR S.p.A., Pay Holding S.p.A., and BCC Pay S.p.A. The purpose of this exclusivity is to negotiate and finalize the terms and conditions for a potential partnership in the issuing and acquiring sectors. Concurrently, there is a plan to launch a joint venture, with Banco BPM having the opportunity to enter with a significant share.
In April, Banco BPM expressed its interest in enhancing its payments business, a sector that could potentially be valued at over 2 billion euros ($2.20 billion). By forming a partnership and signing a distribution agreement, the bank aims to not only preserve its current commission levels, which amounted to approximately EUR140 million in 2022, but also tap into the high-growth potential of the sector.
