Crédit Agricole: increases stake in Banco BPM

(CercleFinance.com) - Crédit Agricole says it has notified that derivatives covering 5.
2% of the capital of Italian bank Banco BPM have been concluded, with physical settlement subject to regulatory approvals.

Given the 9.9% stake already held, the resulting aggregate position in Banco BPM notified by Crédit Agricole amounts to 15.1%. It will submit a request for authorisation to the supervisor in order to increase its stake between 10% and 19.99%.

The French group explains that this operation strengthens its industrial partnerships with Banco BPM in consumer credit, non-life insurance, provident and loan insurance. It does not intend to launch a public offer for Banco BPM's capital.


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