Published by Global Banking & Finance Review®
Posted on December 6, 2024
1 min readLast updated: January 27, 2026
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Credit Agricole increases its stake in Banco BPM to 15.1% with plans to reach 19.99%, aligning with its long-term investment strategy.
PARIS (Reuters) - French bank Credit Agricole said it was raising its Banco BPM stake to 15.1% from 9.9% through derivatives, with a view to buying up to 19.99% of the UniCredit bid target.
"This transaction is consistent with Crédit Agricole's strategy as a long-term investor and partner of Banco BPM," the French bank said in a statement on Friday.
"It strengthens the solid industrial partnerships in consumer finance and in non-life, personal protection and creditor protection insurance, and highlights Crédit Agricole's appreciation of Banco BPM’s intrinsic qualities," it added.
"Crédit Agricole does not intend to launch a tender offer for Banco BPM shares," it added.
Last month, UniCredit unveiled a surprise 10 billion euro ($10.56 billion) unsolicited takeover offer for BPM, which the smaller Italian bank has since rejected.
($1 = 0.9471 euros)
(Reporting by Sudip Kar-Gupta; Editing by Elisa Martinuzzi and Alexander Smith)
The article discusses Credit Agricole increasing its stake in Banco BPM as part of a long-term investment strategy.
Credit Agricole aims to strengthen its industrial partnerships and appreciates Banco BPM's intrinsic qualities.
UniCredit made an unsolicited takeover offer for Banco BPM, which was rejected by the latter.
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