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Post-Merger, Banco BPM Group CEO Giuseppe Castagna Discusses the Strength of Coming Together and How Italy’S Third-Largest Bank Is Moving Forward

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Post-Merger, Banco BPM Group CEO Giuseppe Castagna Discusses the Strength of Coming Together and How Italy’S Third-Largest Bank Is Moving Forward Interview | INVEST Banking on it Post-merger, Banco BPM Group CEO Giuseppe Castagna discusses the strength of coming together and how Italy’s third-largest bank is moving forward. WORDS ADRIAN FLORES • IMAGES STEFANO OPPO he proposed merger between Banco Popolare and Banca Popolare di Milano surpassed the two-thirds majority required for approval in October last year. As a result, the newly merged entity, Banco BPM, had overtaken Monte dei Paschi di Siena to become Italy’s Tthird largest bank, after Intesa Sanpaolo and UniCredit. It also provided a welcome boost for the then embattled Italian Prime Minister, Matteo Renzi, who had backed the deal and was staking his political credibility in a referendum proposing to change Italy’s constitution less than two months later. The banking merger ultimately did not help his fortunes, however. In December, Renzi resigned from his prime ministerial position after he was soundly beaten in the INSPIRING THE BUSINESS WORLD INSPIRING THE BUSINESS WORLD constitutional referendum, with nearly 60 per cent of Italian THE RISE OF THE CEO�S CHIEF OF STAFF The role taking over voters opposing his proposal. the corporate world INSPIRINGINSPIRING THE BUSINESS THE WORLD BUSINESS WORLD THE GREAT INNOVATE SPACE RACE DRONES: The companies BUSINESS competing for TOOL OR As featured in the final frontier TOY? When he assumed the Group CEO post of Banco BPM in INSPIRE PREVENT SIX WAYS INSIDER TO CREATE The CEO Magazine ATTACKS A POSITIVE Is your security WORKSPACE up to scratch? January this year, Giuseppe Castagna was set on finding ways THE MINDFUL WELCOME TO ASTANA For more info visit BILLIONAIRE The wealthiest city How the mega-rich are � spending their money you ve never heard of to rebuild the confidence of both his colleagues and the » THE VISIONARIES ISSUE theceomagazine.com ELON MUSK ENGINEER. INNOVATOR. ABSOLUTE GENIUS. The stratospheric aims of the ISSN 24249831 billionaire entrepreneur theceomagazine.com | 129 Interview | INVEST to be better in every way in order to be one of Italy’s most important banks.” “ We want to be partnering Banco BPM also had to integrate two products and services is so fast that separate IT systems into one. It achieved we would never be able to, as a with our clients, our this process in July this year. “We had big bank, always provide the most suppliers and with our to be very quick in integrating the IT up-to-date products for our clients,” systems, because otherwise we would Giuseppe remarks. community in order have had to shoulder the burden of “So, we try to foster strong two separate systems, making it almost relationships by developing them over to improve Italy’s impossible to work together as one bank,” the course of time. For example, we are says Giuseppe. “To be able to do that involved with a university research centre economic development.” in six to seven months was very fast and start-up program. We see plenty of similar efficient on our part.” collaborations within the fintech sector.” It is this efficiency that must continue On top of external relationship in terms of reputation, regulatory to be an integral part of Banco BPM’s building, internal cooperation and framework and capital. He wants to show value proposition, according to Giuseppe. collaboration is something that needs that the bank has delivered results based Being a service-driven organisation, he to be built over time as well, though on the three-year business plan it knows that efficiency means being able to Giuseppe remains realistic in that there presented to the market in May 2016. deliver services on time to all stakeholders will always be internal conflicts and In addition, Giuseppe hopes to prove and clients. that events don’t always turn out as that Banco BPM has remained consistent bank’s client base, conceding that the “Our clients look at the new initially planned. with the business plan’s four key messages: merger’s positives could have been better competition in our sector, such as all the “We have had some external advisory attractive and sustainable profit; a solid sold to shareholders. As the CEO of Banca fintech firms and IT companies that can and assessment in order to have the best balance sheet and improved asset quality; Popolare di Milano before the merger, also offer financial services right now,” people in the right place and to try to significant value creation; and a he knew there were too many banks he says. “As a bank, we need to be able respect meritocratic ideals,” Giuseppe says. remunerative dividend policy. in Italy and that there needed to be to face our competition, which not “We also tried to avoid conflict by making Giuseppe concedes that not everything some consolidation within the country’s only depends on improving our digital clear the two primary lines of business will be perfect, and it will not always financial market. capabilities, but also on our ability to for each company before the merger.” be possible to have the perfect answer “Banca Popolare di Milano and Banco deliver and give on-time answers to If the whole point of engaging in for every client. However, for him, it is Popolare were both too small to become client requests.” a merger is to make something possible possible to work towards at least the a big bank in Italy. They had many Before the merger, Banca Popolare through a collaborative agreement that best possible answer to any client’s complementary features, strategical and di Milano owned the brand called previously wasn’t possible as a separate problem, and to be available for them geographical. So we decided to work Webank. Giuseppe believes it can harness entity, Giuseppe thinks Banco BPM any time they need. In a country like together,” Giuseppe says. “They were also Banco BPM’s multichannel distribution has been a success. Italy, which has long had a reputation for based in the north of Italy, which is the capabilities through Webank in trying to “Banca Popolare di Milano and Banco ingrained and widespread corruption, this centre for the nation’s financial services reach all their clients and make the bank Popolare were regional banks and could is especially crucial. industry as well as for entrepreneurship more efficient. “We can now deliver 24/7 not further expand their offerings on “Banks are perceived here as an and manufacturing.” because they don’t need to come into the their own. But they had an extensive unnecessary bureaucratic hurdle where Giuseppe is well aware of the many branches anymore in order to carry out fully complementary distribution network,” they play with your money as opposed to challenges Banco BPM faces in the midst their business. We can offer a lot more he says. “Banco BPM has motivated providing a useful service,” Giuseppe says. of such difficult political and financial products and services long-distance as people, great products and a great service “We like to approach things with a more circumstances for the country. “Italy has well,” he notes. proposition, so we will always feel ready cooperative attitude. We want to be a very low interest rate environment, Efficiency also needs to be developed to meet client requests both in terms partnering with our clients, our suppliers which makes it an extremely difficult through external relationships. Banco of lending and in terms of return and with our community in order to environment for a bank to increase its BPM has long-term agreements with on investment.” improve Italy’s economic development.” revenue,” he explains. “We have major a range of key suppliers in IT, When Banco BPM presents its first challenges because we are in a tightly telecommunications and fintech. annual report as a merged bank in regulated industry where the European “As Italy’s third-largest bank, we February 2018, Giuseppe believes that he “There is a trusted long-term relationship between our firm Central Bank is still trying to finalise its cannot develop everything internally. will be able to convince investors and and Banca Popolare di Milano. We assisted the bank in its set of rules in terms of capital, liquidity, We have to make sound strategic alliances, shareholders that the merger was worth merger with Banco Popolare, a journey that led to us being appointed as auditors of the new group; a great success business models and governance. We need because the development of many the effort – not just economically but also story.” – Pierfrancesco Anglani, Partner, PwC Italy 130 | theceomagazine.com theceomagazine.com | 131 .
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