Banco BPM: Crédit Agricole increases its stake to 29.3 per cent: “We are long-term partners”

Increase in shareholding through the purchase of shares and derivatives

(Il Sole 24 Ore Radiocor) - Credit Agricole has notified the Italian regulator and Banco Bpm that it has exceeded a 25 per cent stake in the Piazza Meda-based bank, increasing its holding to 29.3 per cent. This was highlighted in a statement by the French group, which specifies that the additional stake comprises shares and derivatives.

Agricole points out that it has ‘a long-standing and deeply rooted presence in the Italian market’ and remains committed to ‘supporting the economy’ of the country. The increase in its stake is “in line with its strategy as a long-term investor and partner of Banco Bpm” to support the bank’s development. At the same time, this move “strengthens the solid industrial partnership in consumer credit” and in the insurance sector and “highlights the appreciation for Banco Bpm’s qualities”.

Agricole’s decision, although it had already been authorised by the ECB to increase its stake to 29.9 per cent, nevertheless marks a new stage in the Italian banking game of Risk, in which Banco BPM had attempted to propose a merger on equal terms with MPS before Intesa Sanpaolo launched a public takeover bid, also for Siena.

Red