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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 order to consolidate . The merged bank headquarters are expected to remain in operation ; 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 loans , having built up during a five year recession ; these loans continue to weigh on profitability and lending . Analysts are predicting that once one merger deal is struck , others will collapse . One senior banker stated that " the whole of Italy 's banking sector is about to explode , we are coming to that moment " .