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MILAN (Reuters) - French bank Credit Agricole said on Thursday it had bought a 9.2% stake in Italy’s third-largest bank, Banco BPM.
Banco BPM has long been searching for a merger partner and had held discussions with Credit Agricole back in 2020 which had led nowhere. Italy’s No.2 bank UniCredit had readied a takeover bid for Banco BPM but had to shelve it when Russia invaded Ukraine, sources have told Reuters.
Credit Agricole said the transaction showed its appreciation of Banco BPM’s “solid franchise”, good financial prospects and “strong and performing management team.”
The deal “strengthens the solid relationship with Banco BPM,” the French group said, adding it aimed to expand the scope of its strategic partnerships with Banco BPM, currently centred on consumer finance.
Credit Agricole said it had not requested supervisory approval to cross a 10% threshold.
Reporting by Valentina Za and Andrea Mandala; Editing by Sandra Maler
