The European Central Bank (ECB) has authorised Crédit Agricole to increase its stake in Italian bank Banco BPM to up to 19.9% under the qualifying holding regime.
This approval allows the French banking group to exceed the 10% threshold in Banco BPM’s share capital.
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During the fourth quarter of 2024 (Q4 2024) and the first quarter of 2025 (Q1 2025), Crédit Agricole acquired additional financial instruments linked to Banco BPM shares.
As a result, the bank’s position through derivatives now represents 9.9% of Banco BPM’s share capital.
Crédit Agricole has confirmed its intention to exercise the right to physical delivery of all Banco BPM shares underlying its derivative position, bringing its total stake to 19.8%.
In December 2024, Crédit Agricole notified both the Italian regulatory authority and Banco BPM that it had entered into financial instruments covering 5.2% of Banco BPM’s share capital.
Crédit Agricole has stated that it does not intend to launch a public offer for Banco BPM’s share capital.
The investment aligns with its long-term strategy as a partner and investor in Banco BPM, reinforcing existing collaborations in consumer finance, as well as in non-life, personal protection, and creditor protection insurance.
In a separate development, UniCredit secured approval from the ECB and the Bank of Italy to acquire Banco BPM, granting it direct control over the bank and indirect control over Banco BPM Group and Anima Group, subject to the success of its public exchange offer.
