May 18, 2022

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Blitz of Credit Agricole buys 9.2% of Banco Bpm – Ultima Ora

(ANSA) – Milan, April 07 – Blitz by Credit Agricole, which raised a 9.18% stake in Banco Bpm, becoming its largest shareholder. “This transaction testifies to Crédit Agricole’s strong appreciation of the core qualities of Bpm Bank: a strong company, with a positive financial outlook, a strong management team and a proven track record,” reads the note announcing the participation purchase.

Banco is satisfied with the entry of the new shareholder, whose investment – says the institute led by Giuseppe Castagna – has not been agreed in advance. “The quality and importance of the investor, as well as the appreciation expressed for our bank constitute a clear recognition of the value and potential of Banco Bpm.”

For the French – who are already in Italy where they have bought Cariparma, Friuladria and more recently Caricesena, Carim, Carismi and Creval – “the operation reinforces the group’s long-term strategic relationship with Banco Bpm, which was established above all by the Consumer Credit Partnership through the Agos Joint Venture”. Credit Agricole, which has not yet asked the ECB to exceed the 10% stake, “intends to expand the strategic partnership with Banco Bpm,” says the French.

The possibility of Agricole entering the bank’s capital has been talked about in recent months, as a possible defensive move by the bank in the face of the appetites of Unicredit Andrea Orcel. (handle).

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