Crédit Agricole SA has increased its stake in Banco BPM SpA to 29.3%. This move reinforces the French bank's position within the Italian financial sector, which is currently experiencing significant activity with numerous deal proposals. The additional stake was acquired through a combination of market purchases of shares and a derivative instrument, and Crédit Agricole has notified Italian authorities and Banco BPM of crossing the 25% ownership threshold.
This increase in ownership is consistent with Crédit Agricole's long-term strategy as an investor and partner in Banco BPM's development. Crédit Agricole views Banco BPM as a solid business franchise with positive financial prospects and aims to strengthen existing industrial partnerships in consumer finance, non-life insurance, personal protection, and creditor protection insurance. Italy is Crédit Agricole's largest foreign market, and the bank's CEO, Olivier Gavalda, has prioritized growth in the country.
The additional stake is expected to impact Crédit Agricole's CET 1 ratio by approximately -35 basis points as of the end of Q2 2026. Prior to this, Crédit Agricole had held a 22.9% interest in Banco BPM at the end of the first quarter. The French bank had previously obtained approval from the European Central Bank to raise its stake above 20% to just under 30%.
