Banco BPM has disclosed that it will be able to recover more than 200 million euros after obtaining a favorable ruling from the Court of Cassation that upheld the bank's appeal against the Lombardy Regional Tax Commission over a 2005 dispute.

In a note, Banco Bpm gives an account of the filing of the ruling yesterday "which puts an end to the litigation initiated by the bank to obtain the annulment of the notices of assessment issued on December 19, 2011. The subject of the dispute was the deductibility of costs incurred in 2005 by Banca Popolare Italiana in the attempted takeover of Banca Antonveneta."

As a result of the ruling, Banco BPM can have its provisional payments made pending the final judgment between 2012 and 2015 refunded in full, "for a total amount of 201.9 million euros (plus related interest)."

In the note, the bank explains that the sum had nevertheless been kept in the balance sheet under 'other assets' on the belief that it would obtain a favorable judgment.

(Stefano Bernabei, editing Andrea Mandalà)