ECB Approves Crédit Agricole's 20% Stake in Banco BPM

Crédit Agricole S.A. has received approval from the European Central Bank to surpass the 20% threshold in Banco BPM's share capital. This decision follows Crédit Agricole's acquisition of a 0.3% stake during Q3-25 through derivative instruments. The bank plans to settle these derivatives physically, bringing its total holdings to 20.1%.

Despite increasing its stake, Crédit Agricole does not intend to control Banco BPM and aims to keep its stake below the tender offer threshold. The bank accounts its investment signifying its long-term partnership with Banco BPM by reflecting significant influence.

The financial impact includes a €600 million deduction from net income due to consolidation, but a net income gain of approximately €200 million for 2025 due to revaluation and dividends. The consolidation also impacts Crédit Agricole's CET1 ratio positively by 5 basis points.