MILAN (ITALPRESS) – Crédit Agricole has proposed to Banco BPM to start a negotiation related to a merger between Banco BPM and Crédit Agricole Italia. Banco BPM would be the core of the company resulting from the merger, which would remain listed in Milan. The friendly proposal, which has been submitted for the evaluation of the Board of Directors of Banco BPM, represents the natural evolution of the long-term partnership between Banco BPM and Crédit Agricole and the mutual knowledge gained between the two groups. This strategic project would give life to the third Italian banking group, with the ability to serve 6.5 million customers through a network of over 2,300 branches combining strong presence on the territory, financial solidity and consolidated experience in the field.
The proposal is based primarily on a long-term industrial and entrepreneurial vision. In fact, it aims to combine two deeply rooted groups in Italy to create a new national champion, start a new phase of development and expand their growth prospects. The project aims to preserve the identity and operational autonomy of the company resulting from the merger, with a balanced corporate governance structure. The Board of Directors would continue to be composed by a majority of independent directors. The current CEO of Banco BPM would be confirmed as CEO of the new reality.
The operation would allow to combine the significant presence on the territory of Banco BPM and Crédit Agricole Italia with the financial solidity and the competences of the Crédit Agricole Group The operation would lead to the establishment of an Italian operator of the fully integrated financial services, with greater ability to invest, innovate and serve families, professionals, farmers and enterprises. It would benefit from the contribution of the Italian insurance activities of Crédit Agricole, both in the Vita branch and in the Danni branch.
For customers, the new reality would offer a wide and integrated range of services that can cover all their needs. It would allow them to access complementary skills, products and services in the banking, insurance, asset management and specialized financial services, while at the same time strengthening a model of relationship with the customer capable of combining proximity to the territories with a wide coverage throughout the national territory. For employees of both companies, the potential operation would offer new career opportunities and skills growth within a global group with strong innovation and technology skills. The size, the diversification of business lines and the visibility of the new reality would also represent key factors to attract and retain talent.
For the Italian economy and local communities, this new national champion would help to strengthen the solidity and competitiveness of the Italian banking sector. Its financial solidity and proximity to the territories would allow it to provide greater support to the real economy – especially small and medium-sized enterprises (SMEs) and medium-sized companies – and to increase its investment in support of local communities. For the shareholders of Banco BPM, the proposal previews a exchange ratio that reflects a 20% premium, in addition to the payment of an extraordinary dividend of Euro 1 billion to the current shareholders of Banco BPM. The expected synergies are estimated at Euro 800 million a year. The potential operation would result in an estimated increase of approximately 24% of the profit per share of Banco BPM in 2027, thanks to the offered premium and significant synergies. As a result of its contribution, Crédit Agricole would increase its participation from the current 29.6% of the capital of Banco BPM to approximately 45% of the capital of the company resulting from the merger. Both for the shareholders of Banco BPM and for those of Crédit Agricole, the potential operation would offer a potential creation of long-term value, thanks to a greater dimension, a mix of more diversified activities and a greater resilience.
The proposal has a simple objective: to combine the complementary strengths of Banco BPM and Crédit Agricole Italia to build, together, a stronger Italian banking and financial group, more diversified and more innovative, that combines closeness and solidity, Italian identity and European dimension, rooting with the territory and investment capacity.
– Photo Ipa Agency –
(ITALPRESS).
