Major Italian bank merger proposed
Crédit Agricole proposed merging its Italian subsidiary with Banco BPM on November 9.
The plan includes a €1 billion extraordinary dividend for Banco BPM shareholders and an exchange ratio reflecting a 20% valuation premium. The combined lender would serve 6.5 million customers and become Italy's third-largest bank.
The proposal could accelerate consolidation in European banking. Expected annual pre-tax synergies total €800 million, while completion remains subject to shareholder and regulatory approvals and is targeted for the second half of 2027.
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