Crédit Agricole announced that the European Central Bank (ECB) has notified the French bank of its authorization to cross the 20% ownership threshold in Banco BPM, thereby allowing it to slightly increase its stake in the Italian group.
Recalling that it holds an additional position in the form of derivatives representing 0.3% of Banco BPM’s share capital, the French bank intends to exercise its right to physical delivery of the underlying Banco BPM shares for this position.
As a result, it will hold 20.1% of Banco BPM’s share capital. However, Crédit Agricole does not intend to acquire or exercise control over the Italian group and will keep its stake below the mandatory public offer threshold.
Crédit Agricole’s stake in Banco BPM will be consolidated using the equity method under the regime of significant influence in the fourth quarter of 2025. The accounting impact of the initial consolidation of Banco BPM is estimated at approximately -600 million EUR.
The impact on earnings from Crédit Agricole’s stake in Banco BPM for the full year 2025, taking into account fair value revaluations through profit and loss and dividends received, is expected to be overall positive at around 200 million EUR.