Credit Agricole, inexperienced gentle from the ECB to take up Banco Bpm | EUROtoday

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In governance he’ll weigh in as a minority shareholder however in truth there’s a clear path for the French group Credit Agricole to affix Banco Bpm. In truth, Credit Agricole has already acquired authorization from the ECB to rise above 20%. The French financial institution, as already communicated up to now, has underlined that “it does not intend to acquire or exercise control over Banco Bpm” and that “it will keep its shareholding below the mandatory takeover bid threshold. Financial sources cited by Ansa reiterate how Frankfurt would have recommended that the French group appoint, in the next board of directors of the Piazza Meda bank, a number of directors in line with its status as a minority shareholder (probably 4 or 5 out of 15). The measure, it is underlined, responds to the aim of not blocking the decisions of the bank’s body since in the event of a potential conflict of interest the directors representing Agricole should abstain, according to the provisions of the Consolidated Banking Act.

The scenario for the French partners

In a first phase, the transalpine group should move below the takeover threshold of 25%. Subsequently, once the amendment to the Consolidated Law on Finance which will raise this threshold to 30% has been approved, it will be possible to increase the participation up to the maximum limit authorized by the ECB. It remains to be understood – as Intermonte and Equita observe – whether Credit Agricole will present its own minority list or actively participate in the list of the outgoing board of directors, requesting at least 4 directors and, according to some rumours, also the presidency.