Crédit Agricole’s stake in Banco BPM reaches 29.30% amid talk of a potential merger opportunity
Key Facts
Banco BPM Chief Executive Giuseppe Castagna said on November 5 that the bank had received no merger or acquisition offer from Crédit Agricole. He added that any potential opportunity would be assessed, setting clear limits on what is known about discussions between the two sides. The French group’s disclosed stake in the Italian bank is 29.30%, according to the latest update on the investor relations page on October 15. The comments come as Crédit Agricole’s large holding draws attention amid discussion about the bank’s future. Neither side has announced an offer that includes a price premium or a cash distribution worth 1 billion euros.
Banco BPM’s financial results reflect strong performance in the period leading up to the comments, with adjusted net profit of 1.532 billion euros in the first nine months of 2026. Profit rose 2.6% year on year, reaching a record for the period, according to the official results statement. Operating revenue was 4.666 billion euros, up 2.1% from the same period a year earlier. Non-interest revenue accounted for 50% of total revenue, while the cost-to-income ratio fell to 44% from 46% a year earlier. The bank reaffirmed its forecast for net profit to exceed 1.95 billion euros in fiscal 2026.
Earlier reports had placed the bank in broader discussions about potential moves in Italy’s banking sector. In September, Reuters reported that Crédit Agricole and UniCredit had discussed a possible coordinated move involving Banco BPM, among several merger and acquisition scenarios they discussed with Italian authorities. Banco BPM shares rose 2.3% on September 25, the day after the report of joint interest. On October 8, a Reuters report said Crédit Agricole would not make its 29.3% stake available in a potential offer from Monte dei Paschi, quoting its chief executive as describing the offer as insufficiently attractive at the time. These earlier developments remain separate from Castagna’s November statement that Banco BPM had received no offer from Crédit Agricole.
On distributions, Banco BPM’s board approved on November 5 an interim payment from 2026 earnings of 757.6 million euros, equivalent to 0.50 euros per share. The bank set November 23, 2026, as the ex-dividend date, with payment scheduled for November 25. The payment is a bank decision under its dividend distributions and is not an announced part of a merger offer. In the stock market, Crédit Agricole shares traded under the ticker CRARY closed at $8.72 on November 6, according to EL7 data. Banco BPM maintained its 2026 net profit guidance at more than 1.95 billion euros.