Credit Agricole gets the green light from the ECB to increase its stake in Banco Bpm
The French group will be able to rise above 20 per cent and up to 30 per cent after the amendment to the Tuf, while maintaining a status as a minority shareholder without control
In governance, it will weigh in as a minority shareholder, but for the French group Credit Agricole, there is in fact a paved road to rise in Banco Bpm. Credit Agricole has in fact already received authorisation from the ECB to rise above 20%.
The French bank, as it has already communicated in the past, has stressed that it "does not intend to acquire or exercise control over Banco Bpm" and that it "will keep its shareholding below the mandatory takeover bid threshold. Financial sources quoted by Ansa reiterate how Frankfurt would have recommended that the French group appoint, in the next board of directors of the bank in Piazza Meda, a number of directors in line with its status as a minority shareholder (probably 4 or 5 out of 15).
The measure, it is emphasised, responds to the aim of not encumbering the decisions of the bank's body, since in the event of a potential conflict of interest, the directors representing Agricole should abstain, in accordance with the provisions of the Consolidated Banking Law.
The scenario for French members
In a first step, the transalpine group should bring itself below the 25 per cent opaque threshold.
Subsequently, once the Tuf amendment has been approved, which will raise this threshold to 30%, it will be able to increase its participation up to the maximum limit authorised by the ECB. It remains to be understood - as noted by Intermonte and Equita - whether Credit Agricole will present its own minority list or actively participate in the list of the outgoing board of directors, requesting at least four directors and, according to some rumours, even the chairmanship.
