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Bond Market News
Credit Agricole Receives ECB’s Approval to Increase Stake in Banco BPM
April 3, 2025
Credit Agricole received approval from the ECB to raise its stake in Banco BPM to 19.8%, solidifying its role in Italy’s evolving financial sector. The French lender will acquire additional shares through derivatives, increasing its current 9.9% stake. This move positions Credit Agricole against UniCredit SpA, which has launched an unsolicited takeover bid for Banco BPM. UniCredit said that its offer period will start from April 28 and run through to June 23. Credit Agricole, a long-time partner of Banco BPM, has commercial ties with both UniCredit and Banco BPM in consumer credit, insurance, and asset management. The lender aims to protect its interests and expand in Italy, its largest market outside France. Despite the stake increase, Credit Agricole stated it does not intend to launch a public offer for Banco BPM.
Credit Agricole’s bonds traded stable with its 6.7% Perp at 96.6%, yielding 7.2%.
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