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Bond Market News
Credit Agricole Raises Stake in Banco BPM to 29.3%
July 6, 2026
– Vandit P
Crédit Agricole raised its stake in Banco BPM to 29.3%, up from 22.9% at the end of 1Q2026. The increased stake, disclosed was achieved through market purchases and a derivative instrument. The move will reduce Credit Agricole’s CET1 ratio by ~35bp. The bank framed the move as being consistent with its long-term strategy as an investor and partner in Banco BPM’s development. Previously Banco BPM had proposed a merger of equals with Banca Monte dei Paschi di Siena in June, a day before Intesa Sanpaolo countered with a bid exceeding €30bn ($34.3bn) for Banca Monte. Earlier reports in June indicated that Crédit Agricole was weighing the option of a higher BPM stake, though the lender has maintained it does not intend a takeover. The French bank had earlier secured ECB approval to raise its BPM stake above 20% and up to just under 30%.
Bonds of both Credit Agricole and Banco BPM traded stable. For instance, Credit Agricole’s 6.7% Perp was at 100.4 yielding 6.6%. Banco BPM’s EUR 6.25% Perp was at 104.3, yielding 5.0%
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