Banco BPM is focused on growth opportunities as a standalone lender, the head of Italy's third-largest bank said on Saturday, a day after renewed speculation that larger rival UniCredit could launch a takeover bid pushed shares up 10%.
With its roots in the wealthy Lombardy region Banco BPM, which has a market capitalisation of around 5.4 billion euros ($6.13 billion), is seen as the ideal geographical fit for UniCredit, Italy's second-biggest bank.
"We still have a very important path to take on the stock exchange, we have a very important standalone growth path ahead of us that is not yet fully exploited," Banco BPM Chief Executive Giuseppe Castagna said on the sidelines of the ASSIOM FOREX conference in Parma. "Banco BPM is worth more."
Asked about potential interest from UniCredit, Castagna said the bank had not received any communication from its larger peer in that regard.