Credit Agricole has told Italian authorities it could consider selling Anima Holding as part of its proposed merger with Banco BPM, Reuters reported.
The French bank’s proposal involves combining Credit Agricole Italia with Banco BPM.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The transaction would increase Credit Agricole’s holding in Banco BPM from 29.6% to 45%.
Selling Anima could help address concerns in Rome about the proposed deal.
It would also remove a potential overlap with Amundi, the Credit Agricole-owned asset manager.
Italy’s government has powers to review bank mergers under its golden power legislation.
The rules allow the government to block transactions or impose conditions where assets, including financial-sector assets, are involved.
Reuters reported that Credit Agricole has informally set out assurances on the structure of the transaction.
These include protections relating to customer savings invested in Italian government bonds.
One person familiar with the matter said the bank had raised the prospect of selling Banco BPM-controlled Anima to investors acceptable to the Italian government, if Credit Agricole Italia is incorporated into Banco BPM.
A Banco BPM spokesperson said there was no basis for reports that Credit Agricole was prepared to sell Anima.
The spokesperson added that Banco BPM does not intend to sell the fund manager.
Banco BPM obtained a 90% interest in Anima last year through a €1.6bn ($1.77bn) bid.
Anima has more than €200bn in assets under management.
Through funds sold by Banco BPM and Monte dei Paschi di Siena (MPS), it is a major purchaser of Italian government bonds.
The company also manages insurance reserves for state-owned Poste Italiane, a former Anima shareholder.
Those reserves are invested mainly in Italian government bonds.
Italy regards domestic ownership of savings managers as a national priority because of the refinancing requirements linked to its €3.15tn debt. Similar concerns prevented Generali and French bank BPCE from combining their asset management operations last year.
