By Joshua Kirby

Credit Agricole SA said late Thursday that it has bought a 9.18% stake in Italy's Banco BPM SpA, building on an existing partnership between the two banks.

The French lender said it would aim to expand strategic partnerships with Banco BPM after the stake acquisition, the financial details of which it didn't disclose. The two already collaborate on a consumer-finance joint venture called Agos.

Explaining the move, the bank highlighted Banco BPM's strengths including a "solid franchise, positive financial perspectives and a strong and performing management team."

Credit Agricole said it hasn't applied to the authorities to cross the 10% threshold of Banco BPM's share capital, adding that the transaction is expected to have a negligible impact on the bank's CET1 ratio, a measure of a lender's capital strength.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 08, 2022 01:36 ET (05:36 GMT)

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