“If we were approached by Banco Bpm for a combination in Italy, we would see it very favourably”, explained the CEO of Crédit Agricole Olivier Gavalda, at the helm since last May, specifying however that under no circumstances would the group sell Crédit Agricole Italia for cash. "We are waiting for proposals," he added. "Perhaps one day it will happen, but today the operation has not started and we want to organize organic growth." At the same time, the French group presented the new industrial plan Act 2028, which aims to consolidate its presence in Italy with over 6,5 million customers and bringing the country's contribution to net profit from 15% to 20%.
Crédit Agricole announces new plan: €8,5 billion in profit and interim dividend
At a global level, Crédit Agricole aims to net profit of 8,5 billion of euros in 2028 (beyond expectations of 8,2), with a tangible return on capital (Red) above 14% (expected 13,1%) and a growth of revenues annual growth rate exceeding 3,5%. The plan also includes 60 million customers worldwide, almost 60% of revenues outside France and a cost/income ratio below 55%. Growth will be particularly strong in Germany, where the group aims to double its customer base to 2 million by 2028: “We must be present here if we want to strengthen our position in the midcap market,” Gavalda underlined.
The remuneration policy remains a pillar: the group provides for a payout ratio of 50% and will introduce a interim dividend from 2026According to Deputy CEO Jerome Grivet, if the plan's objectives are achieved, Crédit Agricole could have a 6–7 billion for M&A operations, while remaining open to external growth opportunities even before.
Italy at the center of the 2028 plan: 6,5 million customers and 20% of group profits
In Italy, to reach 20% of the group's profits, the French group is aiming forextension of the cross-selling, diversification of the distribution channels, to reinforcement the brand and the development of a digital bank for professionals, also through the acceleration of the project Blank Italia, designed to simplify the financial management of freelancers and micro-businesses. At the same time, the group will strengthen its presence in the Mid Corporate segment Thanks to the synergy between Crédit Agricole Italia and Ca Corporate & Investment Bank, we offer customized financial solutions for businesses.
While focusing on organic growth, Gavalda reiterated his willingness to evaluate extraordinary transactions in the Italian market, considered strategic for future expansion. The group operates in the country with an integrated ecosystem that includes Crédit Agricole Italia, CACIB, CA Auto Bank, Agos, CA Leasing Italia, CA Factoring, Amundi, CACEIS, CA Vita, CA Assicurazioni, CA Creditor Insurance, CA Indosuez Wealth Management, and CA Indosuez Fiduciaria, covering virtually all segments, from individuals to businesses, from investments to specialized credit to wealth management.
Merger with Banco Bpm: positive but cautious opening
The hottest chapter concerns Bpm bank, where Crédit Agricole is already the main shareholder and has recently increased its stake to just over 20%. Interviewed by Le Figaro, Gavalda explained that, if Banco Bpm presented a proposal for fusion with Crédit Agricole ItalyThe group would examine it "with the utmost care" and "very positively." It added, however, a firm point: "But under no circumstances would we accept the sale of Crédit Agricole Italia for cash." While emphasizing that the priority remains autonomous and organic development in Italy, the statement confirmed its openness to strategic transactions, but with clear constraints.
Furthermore, during the conference call to present the new Act 2028 plan, the CEO clarified: “We are paying close attention to what will happen in the future in Italy in terms of consolidation. We are waiting for a proposal from Banco Bpm, also because of a merger with Crédit Agricole Italia it would make a lot of sense, many synergies, but this project is not yet at an advanced stage".
When asked about the role of the Italian government, Gavalda recalled that Crédit Agricole is "a historic player, deeply rooted in the region and committed to supporting the Italian economy," confirming the solidity of its presence in the country. Bloomberg, a merger could lead to the French group holding between 30% and 40% of the new entity.
The topic is also at the centre of attention in Milan: the CEO of Banco Bpm, Joseph Chestnut, has indicated Crédit Agricole and MPS as "the clearest options" for a possible consolidation of the Italian banking sector. Meanwhile, Crédit Agricole has reportedly involved Deutsche Bank e Rothschild to analyze strategic options related to a potential merger.
Innovation, longevity and mobility: the group's development levers
The new plan is not limited to traditional banking: one of the central themes is the longevity, with Amundi and Ca Vita committed to building an advanced advisory model to address the growing issue of pension deficits and wealth transfer. At the same time, Crédit Agricole intends to strengthen Ca Auto Bank's offering for the automotive sector , mobility sectors, integrating artificial intelligence-based tools and promoting sustainable mobility models. As underlined by Hugues Brasseur, CEO of Crédit Agricole Italia, the strategy in the country is based on "sustainable growth and cross-cutting skills across the various business lines".
Amundi Goes Beyond Unicredit: New Plan and Strategic Alliance with ICG
Amundi, the savings management giant controlled by Crédit Agricole aims to consolidate stable profitability while maintaining rigorous financial discipline, with a earnings per share above 7 euros since 2028, defined as achievable "in any market scenario", considering the impact of exchange rates and the effects of the distribution agreement with Unicredit. On an operational level, it aims to cost/income ratio below 56% and at a even payout or higher than 65%, with the intention of proceeding in 2026 to buyback of own shares to distribute to shareholders the excess capital generated in the current strategic cycle.
To support growth, Amundi will allocate 800 million euros for organic initiatives on products, technology and distribution, maintaining a selective approach on the front M&AAny acquisitions must expand the consolidated perimeter, guarantee a manageable risk profile and ensure a minimum return of 10% within three years. At the same time, Amundi is strengthening its presence in private markets through one partnerships ten-year anniversary with ICG (Intermediate Capital Group), which provides the purchase of 9,9% of the company – without dilutive effect – and a collaboration on products and distribution. The agreement grants Amundi the exclusive global distribution of ICG's evergreen products in the wealth channel and gives ICG the role of exclusive supplier for the French group's distribution network. The agreement also includes the joint development of new products and launch of two evergreen funds – one dedicated to secondary private equity and one to private debt – in the first half of 2026.
The market reacted cautiously: the title Amundi today loses 2,63% to 64,8 euros Paris, after an already difficult period marked by fears about competition and doubts about the agreement with Unicredit, while the purchase of 9,9% of the British company caused the ICG share to jump by more than 9% London.
Last updated Tuesday, November 18, 2025, at 12:50 PM
