The banking risk does not stop: Crédit Agricole has presented Banco Bpm with a friendly merger proposal relating to its Italian activities. The project aims to create the third largest banking group in the country, with 6.5 million customers and over 2,300 branches, maintaining the listing on Piazza Affari and the Italian identity of the new bank. For Piazza Meda shareholders, a 20% premium in the share exchange ratio and an extraordinary dividend of 1 billion euros are expected.
The operation would allow the French group to rise from the current 29.6% to approximately 45% of the capital of the company resulting from the merger, without going through a public takeover offer (OPA). The proposal was presented on Monday 9 November 2026 to the board of directors of the institute led by Giuseppe Castagna.
Banco Bpm, merger proposed by Crédit Agricole
The project presented by Banque Verte (Green Bank, the historical nickname of Crédit Agricole) involves the integration of Banco Bpm and Crédit Agricole Italia into a single banking group, which would have the Milanese bank as its fulcrum. The new company would maintain, as mentioned, its listing on Piazza Affari. The merger project will now have to be evaluated by the board of directors of Banco Bpm.
According to Crédit Agricole, the aggregation would make it possible to combine the banking activities of the two institutions with the Italian insurance activities of the French group, both in the Life and Non-Life sectors.
The proposal also provides that Giuseppe Castagna, current CEO of Banco Bpm, will become the CEO of the new bank. The French also indicate their desire to safeguard the identity and operational autonomy of the group resulting from the merger. Crédit Agricole highlights the greater financing capacity for businesses, in particular for SMEs.
The possible merger between Bpm and Crédit Agricole had already begun to be discussed in the summer.
What can change for shareholders
Crédit Agricole provides a 20% premium in the valuation of the bank for the purposes of the exchange ratio. The bonus is calculated on the price/earnings multiple expected for 2027. To this component would be added an extraordinary dividend of 1 billion euros, intended for the current shareholders of Banco Bpm. However, a traditional takeover bid for Banco Bpm shares is not envisaged.
What can change for account holders
Will the merger between Crédit Agricole and Banco Bpm change anything for those who have a current account in the two banks? For now the answer is no. The French proposal concerns the corporate structure of the two institutions and does not foresee immediate changes for customers. Therefore current accounts, cards, mortgages and loans will continue to operate under current conditions.
The possible innovations will mainly concern the offering of products and services and the organization of the banking network. But, assuming the operation goes through, we will have to wait to know its possible effects.
Crédit Agricole hypothesis at 45% of Banco Bpm
Today Crédit Agricole holds just under 30% of the capital of Banco Bpm (29.3% to be precise). As a consequence of its contribution to the merger, the French group’s participation would rise to approximately 45% of the new company. And another 5.14% is held by BlackRock.
The French estimate annual pre-tax synergies of around 800 million euros. These are the savings and increased revenues that could result from merging businesses, integrating facilities and being able to use a broader banking platform. According to estimates, the merger would also lead to an increase of approximately 24% in Banco Bpm’s earnings per share in 2027. The forecast takes into account both the bonus recognized to shareholders and the expected synergies. These are, of course, estimates developed by Crédit Agricole. The new bank could also benefit from a more diversified business portfolio, thanks to the integration of the French group’s Italian insurance activities.
