MILAN (Reuters) – Credit Agricole has not applied to gain European Central Bank authorisation to cross the 9.9% threshold with its holding in Banco BPM, a spokesperson for the
MILAN (Reuters) – Credit Agricole has not applied to gain European Central Bank authorisation to cross the 9.9% threshold with its holding in Banco BPM, a spokesperson for the French bank said.
The 9.9% is the first of various thresholds of bank ownership that require supervisory clearing.
Credit Agricole is the biggest investor in Banco BPM and has insurance and consumer finance partnerships in place with the Italian bank that on Monday became a takeover target for UniCredit.
The Italian press on Tuesday mentioned market rumours that Credit Agricole had entered derivative contracts to increase its 9.2% holding in Banco BPM. Such derivatives are then contingent on supervisory approval to turn into actual shares.
The spokesperson said Credit Agricole had not filed an application with the ECB.
(Reporting by Valentina Za, editing by Gianluca Semeraro)
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, aiming to maintain price stability and oversee the financial system.
A takeover target is a company that is considered for acquisition by another company, often due to its assets, market position, or financial performance.
A bank ownership threshold is a specified percentage of ownership in a bank that triggers regulatory requirements, such as obtaining approval from supervisory authorities.
An investment partnership is a business arrangement where two or more parties collaborate to invest capital in various assets, sharing profits and risks according to their agreement.
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