Business
Credit Agricole gets ECB nod to lift Banco BPM stake above 20%
Credit Agricole gets ECB nod to lift Banco BPM stake above 20%
About this update from Banco Bpm Spa
France's lender Credit Agricole EURONEXT:ACA said on Monday it had received European Central Bank approval to raise its stake in Italian Banco BPM MIL:BAMI above 20%, cementing its position as a long-term shareholder in Italy's third-largest bank. The approval comes a day after Italian media reported the ECB was poised to clear the move with governance conditions aimed at preventing a de facto takeover. The French bank said the change means its results will no longer swing with Banco BPM's share price. The move will bring a one-off hit of about 600 million euros to its fourth-quarter earnings, but the overall impact for 2025 will be positive at around 200 million euros. The bank added the stake will slightly boost its core capital ratio. Credit Agricole has been working with advisers on options for its Italian arm and has previously explored a merger with Banco BPM, sources told Reuters in September.