Credit Agricole Is Seeking an Insurance Deal With Banco BPM
- French bank facing off with insurer Axa for Italian business
- Banco BPM is acquiring full ownership of local partnerships
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Credit Agricole SA intends to bid for Banco BPM SpA’s insurance businesses after having bought a minority stake in Italy’s third-largest bank, according to people with knowledge of the matter.
The French bank is ready to compete with Axa SA or other possible suitors to take a controlling stake once the Italian lender has taken full ownership from the current local partnerships, the people said, asking not to be identified as the plans aren’t public.