Credit Agricole Takes 9.2% Stake in Banco BPM
April 08 2022 - 1:51AM
Dow Jones News
By Joshua Kirby
Credit Agricole SA said late Thursday that it has bought a 9.18%
stake in Italy's Banco BPM SpA, building on an existing partnership
between the two banks.
The French lender said it would aim to expand strategic
partnerships with Banco BPM after the stake acquisition, the
financial details of which it didn't disclose. The two already
collaborate on a consumer-finance joint venture called Agos.
Explaining the move, the bank highlighted Banco BPM's strengths
including a "solid franchise, positive financial perspectives and a
strong and performing management team."
Credit Agricole said it hasn't applied to the authorities to
cross the 10% threshold of Banco BPM's share capital, adding that
the transaction is expected to have a negligible impact on the
bank's CET1 ratio, a measure of a lender's capital strength.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
April 08, 2022 01:36 ET (05:36 GMT)
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