Banco BPM and Credit Agricole sign confidentiality agreement ahead of possible merger - paper

Credit: REUTERS/STEPHANE MAHE

Italy's Banco BPM and France's Credit Agricole have signed a confidentiality agreement, a first step towards formal talks over a possible merger, daily Il Messaggero reported on Thursday.

ROME, Oct 15 (Reuters) - Italy's Banco BPM BAMI.MI and France's Credit Agricole CAGR.PA have signed a confidentiality agreement, a first step towards formal talks over a possible merger, daily Il Messaggero reported on Thursday.

The accord follows telephone talks between Banco BPM Chief Executive Giuseppe Castagna and Credit Agricole's CEO Philippe Brassac and will allow the banks to exchange information and data, although advisors have not been formally appointed yet, the paper reported, without citing sources.

Il Messaggero added that Banco BPM would represent 55-60% of the possible new business combination which would be created after an exchange offer.

(Reporting by Giulio Piovaccari, editing by Giulia Segreti)

((Giulia.Segreti@tr.com; +39.06.80307714;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

CAGR

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More