Crédit Agricole tells Rome it has no plans to take control of BPM – 04/13/2022 at 18:44


AGRICULTURAL CREDIT TELLS ROME NOT PLANNING TO TAKE CONTROL OF BPM

ROME (Reuters) – Credit Agricole has told the Italian Treasury that it has no plans to take control of Banco BPM, two sources familiar with the matter told Reuters on Wednesday, after the French bank acquired a stake of 9.2% in the capital of the Italian establishment.

The arrival of Crédit Agricole last week in the capital of Banco BPM, of which it has become the main shareholder, has fueled speculation around a possible takeover of the third bank in Italy, the country which constitutes the largest market. foreigner from the French bank.

According to one of the sources, Rome did not oppose the acquisition of a stake by Crédit Agricole but would not welcome a possible offensive to take control of Banco BPM.

Crédit Agricole has informed the Italian government that it has no such plans, the source added.

The two banks declined to comment on this information.

Rome has a right of veto over takeover bids concerning Italian industries considered to be of strategic importance, such as the banking, energy and telecoms sectors.

At the time of the announcement of its acquisition of a stake in Banco BPM, Crédit Agricole indicated that it had not requested the approval of the supervisory authorities to cross the threshold of 10% of the capital.

He said his goal is to strengthen his strategic partnership with the Italian establishment.

(Report Giuseppe Fonte and Valentina Za; French version Jean Terzian, edited by Bertrand Boucey and Matthieu Protard)

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