A new move in the Italian banking game. Crédit Agricole makes protagonist in the match for Banco BpmThe French group has announced that wanting to increase the capital beyond 20% of the bank led by Giuseppe Castagna and has already got the go-ahead from its board of directors to request authorization from the European Central BankThe transalpine institution currently holds 19,8% of Banco Bpm and is preparing to consolidate their participation, without however aiming at the control of the institute, today under Hostile takeover bid by UniCredit.
“We do not intend to acquire or exercise control over Banco Bpm”, Crédit Agricole reiterated in a statement, clarifying that thethe operation will take place in compliance with the threshold that triggers the mandatory takeover bid (30%). There is no provision for a seat on the Italian bank's board of directors either.
The reasons behind Crédit Agricole's move
Behind the intention to exceed 20% there would be mainly accounting and strategic reasonsSources close to the dossier explain that the move is motivated by the need to prevent the volatility of Banco Bpm stock from impacting Crédit Agricole's consolidated balance sheetBy exceeding the 20% threshold, the French group will be able to qualify its stake as "significant influence" and adopt the equity method in accounting.
This operation, therefore, reflects a long-term vision. Crédit Agricole confirms its position as a stable industrial partner and aims to strengthen its position without altering the governance structure of the Milanese bank.
Crédit Agricole complicates UniCredit's plans for Banco BPM.
The strengthening of the French position comes at a delicate moment for UniCredit. The institution led by Andrea Orcel is still awaiting the ruling of the Lazio Regional Administrative Court on the appeal against government intervention through the golden power, which thwarted the attempted acquisition of Banco BPM. Meanwhile, UniCredit's public exchange offer appears increasingly challenging: "It seems to me to be a completely unsatisfactory offer, the shareholders have understood this and in fact there are no acceptances," declared the chairman of Banco BPM. Massimo Tononi, on the sidelines of the 2025 ABI assembly.
The possibility that Crédit Agricole could push up to 29% – while remaining below the takeover threshold – further complicates Orcel's plan, that aims for a 66% controlling stakeThe French group's overwhelming presence makes a direct confrontation almost inevitable, especially given the two banks' asset management alliance, which is scheduled for renewal in 2027.
