Credit Agricole Stake in Banco BPM

MILAN (Reuters) – Credit Agricole (OTC:CRARY) may raise its stake in Banco BPM over the next six months above the 15% threshold acquired through derivatives, pending supervisory approval. However, the bank will not seek control of Banco BPM or exceed 19.99% ownership, as stated in a filing on Monday.

The document submitted to the Italian market regulator Consob aligns with statements from Credit Agricole on Friday, when it announced that it had signed derivative trades and would seek approval from the European Central Bank to increase its holding in Banco BPM up to 19.99%.

Credit Agricole ruled out a full takeover offer and confirmed in the filing that it has no plans to exert control over Banco BPM.