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Exclusive-Credit Agricole discussed terms of possible BPM deal with Italy govt
['Tue', 'September At Pm Gmt', 'Min Read']
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Credit Agricole reassured the government it would be ready to provide the guarantees Rome deemed necessary to allow a tie-up between Credit Agricole Italy and Banco BPM, the person said.
A representative for Credit Agricole declined to comment.
Giving Credit Agricole a potential advantage, Monte dei Paschi is currently busy with an acquisition of Mediobanca which it clinched this month.
Rome would also seek guarantees regarding Anima Holding, a fund manager Banco BPM bought earlier this year, in order to protect domestic savings, one of the people added.
Economy Minister Giancarlo Giorgetti said last week that he had no "political objections" to a Banco BPM deal with Credit Agricole, but his ministry would apply the legislation designed to shield key assets - the so-called 'golden' powers - if it went ahead.