Credit Agricole boss Philippe Brassac is taking the fast lane on Italy’s M&A highway. The French bank scooped up 9% of No. 3 Italian lender Banco BPM , long seen as a takeover target. The stake acts as a potential roadblock to Italian takeover rivals like UniCredit and BPER , and protects Credit Agricole’s lucrative 61% holding in consumer-finance player Agos Ducato, which it co-owns with BPM. It could also presage a purchase of the $5 billion bank, based in the wealthy Lombardy region. Brassac, who boosted his Italian exposure last year by acquiring Credito Valtellinese, would be able to boost returns through cost savings.
, and protects Credit Agricole’s lucrative 61% holding in consumer-finance player Agos Ducato, which it co-owns with BPM. It could also presage a purchase of the $5 billion bank, based in the wealthy Lombardy region. Brassac, who boosted his Italian exposure last year by acquiring Credito Valtellinese, would be able to boost returns through cost savings.
Heavyweight Italian lender UniCredit, run by M&A enthusiast Andrea Orcel, was readying a Banco BPM bid earlier this year. But UniCredit’s problematic 7 billion euro exposure to Russia may have acted as a brake. That gave Brassac his passing opportunity. If a bid emerges, he can play kingmaker or have a tilt at the full prize himself.
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