Credit Agricole: this additional stake has been accumulated through market purchases of shares and a derivative instrument

French banking group Crédit Agricole has increased its stake in Italian bank Banco BPM to 20.1% through a combination of market share purchases and derivative instruments, according to a regulatory filing. This move follows the withdrawal of a takeover bid by Italy’s UniCredit, which had faced resistance from the Italian government and failed to secure Crédit Agricole’s participation in the offer. Crédit Agricole, already the largest shareholder in Banco BPM since early 2022, has steadily increased its position, most recently doubling its stake in December 2025.

The bank has stated it does not intend to seek control of Banco BPM and will maintain its stake below the mandatory takeover threshold of 25%. It has also confirmed it will not pursue changes to BPM’s board of directors. Crédit Agricole is currently awaiting approval from the European Central Bank to increase its stake beyond 20%, after which it plans to convert derivative contracts into shares and account for the investment using a method reserved for significant shareholders.