Credit Agricole buys a 9.18% stake in Banco Bpm. “The transaction – reads a note – highlights the appreciation of the intrinsic qualities of Banco Bpm” and “also strengthens the solid relationship” with the bank.
An operation that Banco Bpm learns with satisfaction, underlining that the purchase of the shareholding “was not previously agreed”, but “the quality and importance of the investor, as well as the appreciation expressed by the same for our bank in the note released this evening, represent a clear recognition of the value and potential of Banco Bpm ”, explains the institute headed by Giuseppe Castagna.
The transaction consolidates the strategic and long-term relationship of the Group with Banco Bpm, consisting primarily of the partnership in consumer credit through the joint venture Agos Credit Agricole, in particular, intends to expand the scope of the strategic partnership with Banco Bpm.
However, the French bank has not presented an application to obtain authorization to exceed the 10% threshold in the share capital of Banco Bpm. No significant impacts are expected on Credit Agricole’s Cet1 ratio as a result of the transaction. The operation – underline the French – “testifies to the strong appreciation of Crédit Agricole for the intrinsic qualities of Banco Bpm: a solid company, with a positive outlook on the financial level and a strong management team and with a proven track-record”.