Credit Agricole, proposal to Banco Bpm 'is friendly'

Credit Agricole explains that the proposal towards Banco Bpm is a "friendly proposal", "subject to the evaluation of the board of directors" of Piazza Meda, and "represents a natural extension of the long-term partnership between Banco Bpm and Credit Agricole and of the mutual trust established between the two groups". We read it in the note from the French group.

Banco Bpm confirms that it has received the proposal from Credit Agricole for an aggregation with its Italian activities while no other indications from the Piazza Meda institution have filtered out for now, waiting for the integration hypothesis to be examined by the bank's bodies. Last week, during the conference call on the accounts, the CEO Giuseppe Castagna had defined the possibility of a marriage with the French "an opportunity that we will examine", underlining that Agricole should have been the one to "make the first move". "Our task - he said - is to make this transaction positive, satisfying and convenient for our shareholders", including that 70% of the Banco's capital in the hands of shareholders other than Banque Verte.

Crédit Agricole has proposed to Banco Bpm to start negotiations regarding a merger between Banco Bpm and Crédit Agricole Italia. We read it in a note.

The merged entity would be centered around Banco Bpm and would continue to be listed on the Milan Stock Exchange.

The French group claims that the proposal towards Banco Bpm is a "friendly proposal", "subject to the evaluation of the board of directors" of Piazza Meda, and "represents a natural extension of the long-term partnership between Banco Bpm and Credit Agricole and of the mutual trust established between the two groups.

And Banco Bpm enters trading on the stock exchange with a leap. On Piazza Affari the stock of the Piazza Meda institute recorded an increase of 9.2% to 14.70 euros.