Banco BPM is the result of the merger between Banco Popolare and Banca Popolare di Milano in 2017. The bank operates a nationwide network of about 1,700 branches with a c.7% market share. 77% of branches are located in northern Italy. Retail and SME banking is the bank's main business with sizeable operations also in consumer credit (39% stake in Agos). The company aims to materially derisk its balance sheet in the coming years with a reduction of the gross NPE ratio from 21% in 2017 to 11.5% by 2020.