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Italian banks, Banco Popolare and Banca Popolare di Milano (BPM) are in advanced talks to merge, following encouragement by Italian regulators for the banking sector in Italy to consolidate. The merged bank headquarters are expected to remain in Milan; both banks have a market capitalisation of around €4bn. However, there have also been conflicting reports that suggest that BPM may merge with UBI Banca. This move also comes as the banking sector in Italy faces a tough year with non-performing loans standing at 21% of GDP, having built up during a three year recession; these loans continue to weigh on profitability and lending. Analysts are predicting that once one merger deal is struck, others will follow. In December 2017, it was reported that UBS had agreed to buy Swiss private bank Julius Baer for $US1.3bn ($A2.2bn).