Crédit Agricole proposes talks on Banco BPM merger

Crédit Agricole has proposed merging its Italian subsidiary with Banco BPM, inviting the Milan-listed bank’s board to discuss a combination that would remain listed in Milan and be built around Banco BPM. The French lender’s stake would rise from 29.6% to about 45%; the proposal offers Banco BPM shareholders a 20% premium and a €1 billion special dividend. Crédit Agricole estimates annual synergies of €800 million and says the combined group would be Italy’s third-largest bank, serving 6.5 million customers through more than 2,300 branches. The transaction would require shareholder approval, and Crédit Agricole said it could be completed in the second half of 2027.