Finance
Credit Agricole CEO Plays Key Role in Italy’s Banking Deals
- Veteran CEO seeks to defend bank’s commercial deals in Italy
- A stake in BPM makes him a key player in UniCredit’s bid
Philippe Brassac was nearing retirement when a flurry of banking deals in Italy risked throwing his legacy as chief executive officer at Credit Agricole SA into disarray.
UniCredit SpA had made an unsolicited approach on Banco BPM SpA, a move that also triggered the ire of the Italian government. In a decade at the helm, Brassac had made several deals with Rome and struck commercial agreements with both lenders that helped turn Italy into the French bank’s second-largest market. With months left in his tenure, the future of those accords was suddenly in doubt.