202208 Apr

France's Credit Agricole takes 9.2% stake in Italy's Banco BPM


MILAN (Reuters) -Credit Agricole has bought a 9.2% stake in Italy’s third-largest lender Banco BPM, the French bank said late on Thursday, increasing exposure to its biggest foreign market. Banco BPM has long been searching for a merger partner in Italy’s consolidating banking sector and it held talks with Credit Agricole back in 2020 which led nowhere. A strong presence in Italy’s wealthy Lombardy region had made Banco BPM an attractive target for bigger rival UniCredit, which had readied a takeover offer before Russia’s invasion of Ukraine, sources had told Reuters. The French lender said the investment, carried out by buying shares on the market and through a transaction with a leading international bank, would have negligible impact on its core capital ratio. Tied to Banco BPM by a long-standing consumer finance joint venture, Credit Agricole said the deal strengthened what it called the two banks’ “solid relationship”, adding it aimed to expand the scope of their strategic partnerships.

Source: Reuters


Apr 08 2022
Banco BPM