Crédit Agricole has proposed to Banco Bpm that it enter into negotiations regarding a merger between Banco Bpm and Crédit Agricole Italia. This is stated in a statement. The entity resulting from the merger would be centred on Banco Bpm and would continue to be listed on the Milan Stock Exchange.
The French group explained that the proposal to Banco Bpm was a “friendly offer”, “submitted for consideration by the board of directors” at Piazza Meda, and “represents a natural extension of the long-term partnership between Banco Bpm and Crédit Agricole and of the mutual trust established between the two groups”.
The “strategic project” that Credit Agricole is proposing to Banco Bpm, which envisages a merger with Credit Agricole Italia, “would create Italy’s third-largest banking group, serving 6.5 million customers through over 2,300 branches, combining a strong local presence, financial strength and business expertise”, according to a statement.
“The proposal is based above all on a long-term industrial and entrepreneurial vision. It aims to bring together two groups with deep roots in Italy to create a new national leader, ushering in a new phase of development and broadening their growth prospects,” Crédit Agricole added.