Finance
Credit Agricole Builds Up Shield in Italy Against UniCredit
- French bank moves to raise holding in Banco BPM to around 15%
- CEO put in calls to government, other banks on stake increase
The Credit Agricole SA bank headquarters in Montrouge, France.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
Credit Agricole SA’s move to boost its stake in Banco BPM was aimed at protecting its business interests in Italy after UniCredit SpA made a takeover bid for its smaller Italian rival.
The French bank’s increased holding — to about 15% from around 10% — would give Chief Executive Officer Philippe Brassac a stronger position in negotiations on commercial agreements with both Banco BPM and UniCredit, people familiar with the matter said, noting that the deals are key for revenue generation in Italy.