Published by Global Banking & Finance Review®
Posted on March 3, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleBanco BPM unveiled its outgoing board’s slate for April’s renewal, excluding Credit Agricole nominees, signaling that the French investor likely will submit its own list amid updated rules widening minority shareholder representation.
MILAN, March 3 (Reuters) - Italy's Banco BPM on Tuesday unveiled the slate of candidates that its outgoing board will propose for the April board renewal, including the current chief executive and chairman, both expected to secure another three‑year mandate.
The list did not include any representatives of top shareholder Credit Agricole, indicating the French banking group would file its own slate to strengthen its influence under Banco BPM’s new rules for appointing the board.
Credit Agricole, which first invested in BPM in 2022 to protect its commercial partnerships with the Italian lender, is seeking stronger board representation after raising its stake above 20%, its CEO Olivier Gavalda said last month.
Last week Banco BPM approved changes to its board appointment system that increase the number of seats available to minority shareholders to as many as six on a 15‑member board, compared with three previously.
Under the new rules, the outgoing board’s slate can win up to 12 seats – including sitting CEO Giuseppe Castagna and Chairman Massimo Tononi – if it obtains the largest share of votes.
Filing a separate slate would allow Credit Agricole to compete for up to four board seats, potentially reducing the influence of institutional investors.
(Reporting by Andrea Mandala, editing by Alvise Armellini)
Banco BPM's outgoing board did not include Credit Agricole representatives, signaling that Credit Agricole will file its own slate to seek greater board influence.
Banco BPM increased the number of seats available to minority shareholders to up to six on a 15-member board, compared with three previously.
By filing a separate slate, Credit Agricole can compete for up to four board seats under Banco BPM’s new rules.
Current CEO Giuseppe Castagna and Chairman Massimo Tononi are both expected to secure another three-year mandate.
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