A new player could soon enter the Italian banking scene. Crédit Agricole would be evaluating the possibility of increase its stake in Banco Bpm. A choice that comes at a time when the bank finds itself at a crossroads. A path, which appears increasingly difficult to navigate, leads towards the third pole with MPS. The other, for the moment, has an uncertain direction: around the corner there could be Unicredit again, an agreement with other companies, or even – indeed – possible news arriving from France.
Crédit Agricole to acquire 30% of Banco BPM
Crédit Agricole is currently the first shareholder of the Bank with a 22,9% share, but she has already secured theECB authorization to increase up to 30%. Second Bloomberg Banque Verte's management is reportedly evaluating how to respond to the new wave of operations underway in the Italian banking sector. One of the options being considered is to increase its stake, the newspaper reports, citing anonymous sources. Discussions, however, are still ongoing. a preliminary phase and no decision has been made, the sources added, considering that among the alternatives under consideration is also maintaining the status quo.
All the players in the banking game
Last June 7th, in a surprise move, Banco Bpm has proposed a merger of equals to MPS or, to use the words of Intesa Sanpaolo CEO Carlo Messina himself, he sent Siena a love letter, putting on the table a merger of equals that would lead to the creation of a banking group with a combined market capitalization of more than 50 billion euros. The next day, the deal arrived the hard-to-beat counteroffer from Ca'de Sass, supported by Unipol-BperA €30,6 billion takeover bid, consisting of 1,6 newly issued Intesa Sanpaolo ordinary shares and a cash component of one euro.
The two initiatives immediately reignited the banking game, kicking off what many consider the second phase of Italian financial consolidation. In the first, MPS and Banco BPM had been among the main protagonists, the former with the acquisition of Mediobanca and its 13,2% of Generali, the second with the offer launched and then withdrawn by Unicredit which among other things now seems to be aiming for a possible consolidation in the shareholding of the Lion.
Crédit Agricole could also enter the scene soon, as Italy is its most important foreign market, thanks in part to its existing commercial agreements with Banco BPM. By increasing its stake, Banque Verte would be able to better protect its interests during a period of major upheaval.
