Breakthrough in Banking: Banco BPM Opens Door to Merger with Crédit Agricole

(Alliance News) - Crédit Agricole, traditionally cautious in its M&A activity in Italy, has now emerged as a strategic player in Banco BPM's future.

As reported by Milano Finanza, CEO Giuseppe Castagna has signaled openness to the possibility of a merger between Banco BPM and Crédit Agricole Italia, describing it as "an Italian transaction," albeit still at a preliminary stage.

After acquiring a 9.2% stake in BPM in 2022--now increased to 19.8%--the French institution has developed industrial partnerships and secured high returns. UniCredit's takeover bid for Banco prompted Agricole to further strengthen its position, while reiterating that it is not seeking a public offer.

A merger was already discussed back in 2021 but was shelved due to Covid-19 and governance issues. Today, the prospect is back on the table: Banco BPM is keen to avoid a stand-alone strategy, while Agricole aims to build a significant banking network and is eyeing Anima, an attractive asset manager for its subsidiary Amundi.

The Meloni government, which previously intervened to block UniCredit, could take a more favorable stance towards Agricole, given its solid institutional ties. However, any negotiations would require assurances of balanced terms between the parties: for Piazza Meda, with the UniCredit risk set aside, the priority remains a merger of equals.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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