by Giuseppe Fonte and Valentina Za
Rome (Reuters) – Representatives of Crédit Agricole have discussed in recent weeks with representatives of the Italian government of the conditions of a possible rapprochement between the Italian unit of the French bank and Banco BPM, two sources close to the file told Reuters.
These discussions come after Crédit Agricole asked in July the authorization to have up to 29.9% of BANCO BPM and used derivative contracts to increase its participation in just over 20%.
The French bank assured the Italian government that it would be ready to provide the guarantees deemed necessary by Rome to allow a rapprochement between Crédit Agricole Italy and Banco BPM, said one of the sources.
Contacted, a representative of Crédit Agricole refused to comment.
After having escaped a redemption at a redemption by Unicredit in July, Banco BPM declared that his merger options included a rapprochement with the Italian branch of Crédit Agricole, its main shareholder, or a merger with Monte Dei Paschi Di Siena, in which BPM has a small participation.
Monte Dei Paschi is currently being taken by the acquisition of Mediobanca, concluded this month, which gives potential advantage to Crédit Agricole.
Italy has special powers it can use to control transactions on assets considered to be of national strategic importance, including banks.
The Italian government has told the French bank that it was to approve a merger with Banco BPM, it would require guarantees for small businesses, the main customers of the Italian lender, continue to benefit from credits, the two sources said.
Rome would also ask for guarantees concerning Anima Holding, a fund manager Banco BPM bought at the start of the year, in order to protect national savings, added one of the two sources close to the file.
The Italian Minister of Economy, Giancarlo Giorgetti, said last week that he had no “political objection” to an agreement between Banco BPM and Crédit Agricole, but that his ministry would apply the legislation designed to protect key assets if the agreement was concluded.
(Report Giuseppe Fonte in Rome and Valentina ZA in Milan; Coralie Lamarque, edited by Kate Entringer)
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