Banco Bpm held an extraordinary assembly where a significant majority of 95.4% voted in favor of the proposed statutory changes. These changes come after approval from the European Central Bank (ECB) and are aimed at preparing for a governance renewal scheduled for spring. The modifications adjust the bank's governance structure to comply with the new Capital Law regulations, which allow for up to six positions on the board for minority shareholders out of a total of fifteen members. This reform is a strategic move not only to modernize the governance of Banco Bpm but also to fulfill the requests from major shareholders like Crédit Agricole.

Crédit Agricole, holding 20% of Banco Bpm's capital, has been advocating for increased representation on the bank's board, asserting that it seeks to secure a more significant role in the governance process. The assembly's outcome is significant as it paves the way for future inclusion of shareholders' interests, particularly for minority shareholders. The changes made are essential for guiding the board's renewal, which is set to occur in the upcoming assembly in April. By approving these statutes, Banco Bpm is looking to stabilize its governance structure and strengthen relationships with shareholders, especially as Crédit Agricole has plans to raise its stake up to 30%.

The move underscores a growing trend in the banking sector where shareholder influence and governance transparency are becoming increasingly prioritized. This change reflects a broader shift towards more inclusive and representative governance practices within financial institutions, raising expectations for accountability and performance. The approval of these new statutes not only supports Banco Bpm's internal governance evolution but also positions it strategically within an evolving market influenced by regulatory changes and shareholder demands.