Bpm bank has signed an “amendment agreement” with Credit Agricole to “further consolidate the existing partnership in the sphere of consumer finance activities in Italy by Agos Ducato”, a financial company controlled 39% by Banco Bpm and 61% by Credit Agricole. The bank led by Giuseppe Castagna communicated the news directly through a note.
Il new agreement provides for some changes to the agreements signed on 30 November 2018, establishing "new opportunities for Agos Ducato to further expand its customer base and improve the cost of funding".
Also envisaged is the extension "up to a further 24 months", and therefore until 31 July 2023, of the term valid for the exercise of the put option (put option) referring to a 10% stake in the capital of Agos Ducato held by Banco Bpm, at the previously agreed exercise price of 150 million". At Piazza Affari the Banco Bpm stock it dropped 4%, on a very difficult day for the entire Ftse Mib (-3,5%) and for the other European stock exchanges, weighed down by the news from London on the new variant of Covid-19 in circulation. The entire sector was in the red, with the Ftse Italia banks down by 4,04%.
