in
Milan, former local office of UBI Banca
Banche Popolari Unite Banche Popolari Unite, trading as BPU Banca, was formed by the merger of
Banca Popolare di Bergamo – Credito Varesino Group with
Banca Popolare Commercio e Industria Group, both Popular Bank (), a kind of urban
co-operative bank in Italy, in 2003. Their subsidiaries at that time were
Banca Popolare di Ancona,
Cassa di Risparmio di Fano (Carifano), Banca Popolare di Luino e di Varese and
Banca Carime. Although the two groups merged, Banca Popolare di Bergamo and Banca Popolare Commercio e Industria were re-incorporated as a subsidiary in the form of
società per azioni. Carifano was sold back to the minority shareholders of Banca Popolare di Ancona in 2005. In 2006 the board of directors of Banche Popolari Unite agreed another merger with another Italian banking group
Banca Lombarda.
Unione di Banche Italiane The UBI Banca Group was formed on 1 April 2007 from the merger of the BPU Banca Group and the
Banca Lombarda Group. The Group operates mainly on the retail market and is present in most regions of Italy, although its focus is primarily on northern Italy. The parent company has its headquarters in
Bergamo. On 20 January 2015 the Council of Ministers issued a decree-law which requires Popular Banks () with assets of greater than €8 billion to
demutualize into a
società per azioni. In the same year UBI Banca was demutualized. On 27 June 2016, the business plan for 2019–20 was announced. The subsidiaries
Banca Popolare di Bergamo,
Banco di Brescia,
Banca Popolare Commercio e Industria,
Banca Regionale Europea,
Banca Popolare di Ancona,
Banca Carime and
Banca di Valle Camonica would be absorbed by parent company UBI Banca in 2016–17. On 12 January 2017 UBI Banca submitted a binding bid of €1 to buy
Nuova Banca delle Marche,
Nuova Banca dell'Etruria e del Lazio and
Nuova Cassa di Risparmio di Chieti (the three banks that were rescued on 22 November 2015 by Italian National Resolution Fund, a fund that was mandatory contributed by the banking sector, and was managed by the
Bank of Italy), with conditions that the three banks would be recapitalized for an estimated €450 million by the fund, as well as selling some of the target banks' non-performing loans (NPLs) to lower the size of their risk-weighted assets to below €10.6 billion, increase coverage ratio for the NPLs (i.e. more write down and provision), and a minimum of CET1 ratio of 9.1%. UBI Banca would also recapitalized for a maximum of €400 million to counter-weight the effect of bad will (negative
goodwill). On 18 January the bid was accepted and signing the contract. On 10 May, the transaction was completed. On the same day, a plan to merge the 3 banks into UBI Banca was also announced. == Group structure ==