Credit Agricole Seeks Approval to Raise BPM Stake Over 20%
The French bank has requested authorization from the European Central Bank to raise its holding in Banco BPM above 20%, according to a statement late Friday. Credit Agricole currently owns 19.8% after increasing its stake earlier this year.
The step comes as UniCredit continues to explore its options for a potential takeover, a process that has been hindered by regulatory conditions imposed by the Italian government. Those hurdles have prompted the bank, led by Andrea Orcel, to pursue legal action.
A ruling on the conditions affecting UniCredit's bid is expected in the coming days, potentially influencing the chances of a deal. Orcel has previously warned he would likely walk away if Rome doesn't clarify its demands, which include exiting Russia, keeping loans at a certain level in relation to deposits, and preserving domestic investment at Banco BPM's asset manager, Anima Holding SpA.
UniCredit launched its unsolicited takeover bid for Banco BPM last year, which spurred Credit Agricole to ramp up its shareholding. The ECB had previously approved Credit Agricole's request to increase its stake to just below 20% from 9.9%.
Italy is Credit Agricole's largest market outside France, and the French bank has been Banco BPM's largest shareholder for some time, collaborating with the Italian lender on consumer credit and non-life insurance ventures. At the same time, Credit Agricole's asset management arm, Amundi SA, relies heavily on UniCredit for distribution in Italy.
Credit Agricole said it 'intends to buy a sufficient number of shares' in Banco BPM to push its stake 'just above' 20%, but it doesn't intend 'to acquire or exercise control,' it said.
UniCredit's Orcel said in February that he wasn't engaged in active discussions with Credit Agricole regarding the Banco BPM bid.
--With assistance from Sonia Sirletti.
(Updates with context throughout)
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