Banco BPM, an Italian bank, BCC Iccrea Group, an Italian cooperative banking group, and FSI, an asset management company, agreed to form a joint venture in a €600m deal. The Agreement provides for the assignment into the joint venture of Banco BPM's payments activities, for a mixed consideration based on cash and shares issued by the vehicle Pay Holding, which in turn controls the entire capital of BCC Pay S.p.A. – which will soon be subject to a rebranding. Upon completion of the transaction, Pay Holding will be owned approximately 43% by FSI and approximately 28.6% each by Banco BPM and Iccrea Banca.