European bank CEOs are considering M&A moves amidst government involvement in banking reshaping. Credit Agricole’s patient strategy in Italy contrasts with UniCredit’s aggressive approach. CA’s cooperative attitude towards Italian authorities has made it a reliable player in the market, with its retail business in Italy growing significantly.

UniCredit’s bid for Banco BPM faced government opposition, leading to the bid being dropped. CA also posed a challenge for UniCredit, as the French bank failed to agree on terms for a stake exchange. CA sought ECB approval to increase its BPM holding, ruling out a full takeover.

Credit Agricole’s small-step expansion strategy in Italy has been successful amidst tense Italy-France relations. By focusing on commercial interests, distribution deals, and small acquisitions, CA has built a strong presence in the Italian market. CA’s consistent leadership and culture allow it to navigate government changes and strike when the time is right.

Read more at Yahoo Finance: Analysis-Credit Agricole’s ‘tortoise’ strategy pays off in Italy’s M&A contest