Crédit Agricole raises Banco BPM stake to 29.3%

Crédit Agricole announced on Thursday that it now holds 29.3% of Banco BPM's share capital, crossing the 25% threshold and tightening its grip on Italy's fourth-largest bank amid a wave of consolidation in the country's banking sector.

The Move

The French bank said it had notified the Italian regulator and Banco BPM of the stake increase, which was accumulated through market purchases of shares and a derivative instrument. Crédit Agricole described the move as "consistent with its strategy as a long-term investor and partner in Italy," according to its press release.globenewswire+2

The additional stake is expected to have a total impact of approximately negative 35 basis points on Crédit Agricole's CET 1 capital ratio as of the end of the second quarter of 2026.milanofinanza+2

Building Toward 30%

The announcement confirms plans Reuters reported on June 25, when sources said Crédit Agricole had informed Italian government officials that it intended to raise its Banco BPM holding to near 30% from 22.9%, while ruling out a full takeover. The bank had entered derivative contracts to facilitate the increase, the sources said at the time.reuters

Crédit Agricole has steadily built its position in Banco BPM over several years. In December 2024, it disclosed financial instruments relating to 5.2% of Banco BPM's capital, bringing its aggregate notified position to 15.1% and signaling its intent to seek regulatory approval to exceed 10% direct ownership.credit-agricole

Italian Banking Consolidation

The stake increase comes as Italian banking is undergoing a fresh merger wave. Banco BPM recently proposed a "merger of equals" with another major Italian bank, and Bloomberg reported in mid-June that Crédit Agricole was considering how to respond to the dealmaking reshaping the sector. Earlier this year, Crédit Agricole took a 607 million euro accounting charge related to its Banco BPM stake consolidation, which dragged its fourth-quarter 2025 net profit down 39%.zonebourse+2

By stopping just short of 30% — the level that would trigger a mandatory takeover bid under Italian securities law — Crédit Agricole is positioning itself as a powerful minority shareholder with substantial influence over Banco BPM's strategic direction.