On April 8, 2025, the Italian Competition Authority (AGCM) initiated a Phase II investigation into the proposed acquisition of exclusive control over Banca Popolare di Sondrio S.p.A. (BPSO) by BPER Banca S.p.A. (BPER).
The transaction is set to occur through a voluntary public exchange offer made by BPER for all shares of BPSO (Case C12710 – BPER Banca/Banca Popolare di Sondrio).
This operation falls within the broader context of ongoing consolidation in the Italian financial and banking sector. According to the parties, the deal aims primarily to generate cost and revenue synergies across various operational areas of the combined entity.
The acquisition involves several relevant markets within the traditional banking sector, including deposit-taking and lending, as well as in areas such as asset management, consumer credit, factoring, leasing, payment services, and insurance.
Based on preliminary findings, the AGCM has determined that the transaction may significantly impede effective competition in specific local markets—particularly those concerning lending services to households and small businesses in the provinces of Varese, Pavia, and Como.
In these local markets, the combined market position of the post-merger entity and the existing level of market concentration raise concerns regarding potential anti-competitive effects. As a result, the Authority deemed it necessary to proceed with a more detailed examination of the deal.
Conversely, the transaction does not appear likely to alter competitive dynamics in other relevant markets.
The Phase II review will allow the AGCM to further assess the potential impact of the acquisition before issuing a final decision.
