MILAN (Reuters) – Credit Agricole Italy won’t play a leading role in the current M&A wave sweeping the country’s financial sector, its chairman said, adding the bank retained the very long term approach that had guided its steady expansion in Italy.
Credit Agricole Italy is the main investor in Banco BPM, a key commercial partner for the French group in Italy. It has increased its stake in the Italian bank after BPM became a takeover target for UniCredit.
Credit Agricole has not yet made its position in relation to the UniCredit bid known.
Addressing the national assembly of the FABI banking union, Chairman Giampiero Maioli said Credit Agricole Italy was not hostile to any of the other players. Its cautious stance appears warranted given the current confusion in the M&A game, he added. (This story has been corrected to clarify that Credit Agricole, not Credit Agricole Italy, is yet to decide on the BPM bid, in paragraph 3)
(Reporting by Valentina Za, editing by Cristina Carlevaro)
