Banco Bpm in the spotlight, rumoured merger option with Credit Agricole Italia

(Il Sole 24 Ore Radiocor) - On a positive day for the banking sector, the Banco Bpm stands out as one of the best of the FTSE MIB. While the banking risk is always in the limelight (today is the last day of the Banca Mps for Mediobanca and last Friday the shares delivered rose from 40.4% on the eve to 45.8%), according to press rumours Banco Bpm is considering the option of an aggregation with Credit Agricole Italia..

According to La Repubblica, Banco Bpm is evaluating the possibility of a business combination with Credit Agricole Italia, with top management structuring a 'rather sophisticated plan for the operation. Credit Agricole is currently the first shareholder of Banco Bpm with a stake of around 20% and an application has been made to the ECB to rise above the 20% threshold. As the newspaper reports, Credit Agricole could end up holding 35% in Banco Bpm if the latter buys Credit Agricole Italia for EUR 5.5 billion, which would be paid for with Anima shares, its stake in the consumer credit joint venture Agos Ducato and in Bpm shares. According to Intermonte analysts, 'it would be difficult to limit the stake, while it remains to be seen whether the Italian government will approve the deal'.

The main obstacle to such an operation, Equita's experts add, "could be the share eventually held by Credit Agricole within the combined entity, which we estimate would be at least in the 35% area, and on which the government's approach to Golden Power (also considering the restrictions imposed on UniCredit) would be to be assessed". Credit Agricole Italia, a 76% subsidiary of Credit Agricole, reported loans to customers of about EUR 71 billion in 2024 (Banco Bpm 100.4 billion in 1H2025), total assets of about EUR 92 billion (Banco Bpm 211 billion in 1H2025) and a Cet 1 of 14% (Banco Bpm 13.3% in 1H2025).