Crédit Agricole lifts stake in Italy's Banco BPM to 29.3%

The French banking group Crédit Agricole announced that it now holds 29.3% of the capital of Italy's Banco BPM, surpassing the 25% regulatory threshold that requires notification to Italian authorities. The increase was achieved through market purchases and a derivative instrument, and the group said the move aligns with its long‑term investor strategy and partnership with Banco BPM.

The additional share is expected to reduce Crédit Agricole's CET1 capital ratio by roughly 35 basis points. The stake remains below the 30% level that would trigger a mandatory public offer, and the bank reiterated that it has no intention of seeking control.

The investment comes as the Italian banking sector undergoes consolidation, with Banco BPM having recently proposed a merger with Monte dei Paschi di Siena and Intesa Sanpaolo launching a €30 billion bid for the same bank. Italy is Crédit Agricole's largest foreign market, and the increased holding is meant to strengthen existing collaborations in consumer credit and insurance.