Banco BPM CEO flags Credit Agricole M&A option after MPS plan collapses
Banco BPM CEO flags Credit Agricole M&A option after MPS plan collapses MILAN, Nov 5 (Reuters) - Banco BPM BAMI.MI CEO Giuseppe Castagna said on Thursday a new transaction could emerge after Monte dei Paschi (MPS) BMPS.MI shareholders rejected a plan centered on the acquisition of the lender.
Responding to analysts' questions during a conference call on third-quarter results, Castagna added that a deal with France's Credit Agricole was a possibility that Banco BPM would evaluate.
He said the bank was examining all potential opportunities, while stressing that any transaction would need the backing of the shareholder base.
Credit Agricole CAGR.PA, Banco BPM's largest shareholder with a 29.6% stake and a long-standing commercial partner, has repeatedly expressed support for a combination between Banco BPM and its Italian subsidiary, Credit Agricole Italia.
(Andrea Mandalà, editing by Gavin Jones)
((andrea.mandala@thomsonreuters.com; +390680307738;))
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