Credit Agricole open to selling fund manager Anima in BPM deal, sources say

Credit Agricole Considers Selling Anima to Smooth BPM Merger Deal

Overview of the Proposed Merger and Potential Sale

ROME/MILAN/PARIS, Nov 11 (Reuters) -  France's Credit Agricole has signalled to Italy it would be open to a sale of fund manager Anima Holding as part of the merger deal it has proposed with Banco BPM, two people with direct knowledge of the matter said.

Addressing Political Resistance and Overlap Concerns

A sale of Anima could address any political resistance in Italy to a deal combining Banco BPM and the Italian unit of Credit Agricole. It could also avoid overlap with Credit Agricole-owned Amundi, Europe's biggest fund manager.

Government Vetting and Guarantees

To overcome possible reservations by Italy's government, which has vetting powers on bank mergers, Credit Agricole has informally offered Rome a number of guarantees over how a deal will be structured including over customer savings invested in Italian government bonds, people have previously told Reuters.

Potential Buyers and Deal Structure

One of the people familiar with the matter said the French bank had suggested the possibility of selling BPM-controlled Anima to investors the government views favourably if plans to fold Credit Agricole Italia into Banco BPM go through.

Details of the Proposed Merger

Under the proposed terms announced on Monday, the deal would lift to 45% Credit Agricole's current 29.3% share in Banco BPM, Italy's third-largest bank.

Responses from Involved Parties

    Credit Agricole declined to comment. Representatives for Anima and Banco BPM did not immediately respond to requests for comment.

Reporting Credits

(Reporting by Giuseppe Fonte in Rome, Valentina Za in Milan and Mathieu Rosemain in Paris; Editing by Tommy Reggiori Wilkes)