Credit Agricole received informal backing from Italian government to increase stake in Banco BPM.

From Investing.com: 2024-12-07 09:00:56

France’s Credit Agricole received informal backing from the Italian government before increasing its stake in Banco BPM, intensifying a banking battle in Italy. The French bank aims to raise its holding in BPM to 15.1% from 9.9%, seeking ECB approval to buy up to 19.99%. UniCredit’s takeover offer for BPM disrupted government plans for a merger with Monte dei Paschi di Siena. Credit Agricole partners with BPM in consumer credit and insurance, aiming to protect commercial agreements in its key market outside France. The Italian government and ECB approval are required for Credit Agricole to raise its stake in BPM. UniCredit CEO Orcel expressed the bank’s inability to be sidelined as Italian banking consolidation accelerates. Banco BPM’s recent moves include acquiring Anima Holding and taking a stake in Monte dei Paschi.



Read more at Investing.com: Exclusive-Italy informally backed Credit Agricole’s higher BPM stake, sources say By Reuters