ECB Greenlights Credit Agricole's Strategic Move in Italian Banking

In a significant development for the European banking sector, the European Central Bank (ECB) has authorized Credit Agricole S.A. to increase its stake in Banco BPM S.p.A. to 19.9%. This move solidifies Credit Agricole's position as the largest shareholder of the Milan-based bank, a title it first claimed in 2022 after acquiring a 9.2% stake.

Breaking the 10% Threshold: "The European Central Bank authorized Credit Agricole S.A. – under the qualifying holding regime – to cross the 10% threshold in the share capital of Banco BPM S.p.A. and, therefore, to hold a stake up to 19.9%," the ECB announced in a press release on Wednesday.

Consob Approves UniCredit's Takeover Bid

Adding to the day's banking news, the Italian market regulator, Commissione Nazionale per le Societa e la Borsa (Consob), has given its approval for UniCredit's takeover bid for Banco BPM, set to take place on April 28.