Business · Companies · 1 hr ago
Crédit Agricole proposes merging its Italian business with Banco BPM
Crédit Agricole has proposed merging its Italian business with Banco BPM, a bank based in Milan and Verona.
The French bank plans to raise its stake from 29.6% to about 45% of the combined company.
Banco BPM shareholders would receive a 20% premium and a €1 billion special dividend under the proposal.
The combined bank would be Italy’s third-largest, behind Intesa Sanpaolo and UniCredit, and Banco BPM chief executive Giuseppe Castagna is expected to lead it.
Crédit Agricole estimates the deal could generate about €800 million in annual savings and other benefits.
Banco BPM shareholders must approve the deal, and Crédit Agricole would also need an exemption from making a mandatory takeover offer.
The proposal follows the collapse of Banco BPM takeover plans involving Monte dei Paschi, while the Italian government’s response remains unclear.
Crédit Agricole has proposed merging its Italian subsidiary with Banco BPM.
The combined bank would be Italy’s third-largest, behind Intesa Sanpaolo and UniCredit.
The proposal is preliminary and requires approval from Banco BPM shareholders, the European Central Bank and the Italian government.
Crédit Agricole says the deal would raise its stake in Banco BPM from 29.6% to 45% and generate annual cost savings of €800 million.
If approved, the merger is expected to be completed in the second half of 2027.
- Who
- Crédit Agricole has proposed the merger with Banco BPM.
- What
- The banks would combine Crédit Agricole Italia and Banco BPM to form Italy’s third-largest bank.
- When
- The proposal was announced on 9 November 2026. The merger could be completed in the second half of 2027 if approved.
- Where
- Italy.
- Why
- The deal would create a larger Italian banking group. Le Monde says the all-Italian merger is also intended to reassure the Meloni government.
This story does not have two clearly opposing sides.
MPS shareholders stopped the bank’s plans to acquire Banco BPM.
Crédit Agricole announced its proposal to merge its Italian subsidiary with Banco BPM.
The merger could be completed if it receives the necessary approvals.
- Crédit Agricole’s current Banco BPM stake
- 29.6%
- Proposed stake after the deal
- 45%
- Special dividend
- €1 billion
- Estimated annual cost synergies
- €800 million
- Combined bank’s customers
- 6.5 million
- Combined bank’s branches
- About 2,300
10 sources
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