The French financial company Credit Agricole SA is striving to occupy key positions in the Italian market amid the growth of transactions in the M&A sector. This is reported by foreign media with reference to Jerome Grivet, Deputy CEO of Credit Agricole.
In December 2024, Credit Agricole increased its stake in Banco BPM SpA, the third largest Italian bank, to 15%, taking into account the takeover offer for Banco BPM from Italian competitor UniCredit S. p.A.
Credit Agricole has commercial agreements with both lenders, and the acquisition of Banco BPM by UniCredit may cause problems under these agreements.
In particular, Credit Agricole is a partner of Banco BPM in the field of consumer loans and insurance, excluding life insurance. In 2024, Credit Agricole's Italian divisions provided more than 1.2 billion euros ($1.2 billion), or 15-16% of the company's total net profit.
In 2016, Credit Agricole bought out Pioneer's asset management units from UniCredit, accelerating the growth of Amundi SA's investment division. The deal included a 10-year distribution agreement for the sale of Credit Agricole services to UniCredit customers, which has become an important source of income for Amundi.
In 2024, Amundi's assets reached a record high of 2.24 trillion euros, with Italy accounting for about 9% of the total. Amundi's net profit reached 1.4 billion euros.
Accordingly, Credit Agricole should take into account the position of the Italian government regarding UniCredit's offer to buy out Banco BPM before deciding on further actions.
The management of UniCredit and Credit Agricole are likely to discuss a possible extension of the Amundi distribution contract as part of the proposed acquisition of Banco BPM by UniCredit.
Credit Agricole is the largest French financial conglomerate in terms of lending to the economy and its portfolio of investments in the real estate segment. Credit Agricole includes Crédit Lyonnais Bank, a number of banks in other countries, an insurance company and Amundi asset management company. Credit Agricole, together with BNP Paribas, Société Générale and Groupe BPCE, makes up the "big four" of the French banking market. The headquarters is located in Montrouge (France).
UniCredit S. p. A. is an Italian multinational financial company with headquarters in Milan (Italy).
Banco BPM S. p. A. is an Italian banking group providing financial services and insurance. The headquarters are located in Milan and Verona (Italy).
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