Credit Agricole could up Banco BPM stake in next 6 months, won’t seek control, filing shows

MILAN (Reuters) – Credit Agricole (OTC:CRARY) could raise its stake in Banco BPM in the next six months above the 15% threshold it will acquire through derivatives once it has supervisory approval, won’t seek control of the Italian bank or go above 19.99%, a filing showed on Monday.

The document Credit Agricole filed with Italian market regulator Consob is consistent with comments by the French bank on Friday, when it unveiled it had signed derivative trades and would seek European Central Bank approval to raise its holding in Banco BPM to up to 19.99%.

Credit Agricole, which on Friday ruled out a full takeover offer, said in the filing that it had no plans to exercise control over Banco BPM.