Credit Agricole Italy interested in Banco BPM’s insurance business

A logo of Credit Agricole is seen outside a bank office in Bordeaux, France, July 30, 2019. REUTERS/Regis Duvignau

MILAN, May 23 (Reuters) – Credit Agricole Italy (CAGR.PA) is interested in investing in the insurance activities of Banco BPM (BAMI.MI), the French banking group’s Italy head said on Monday.

Banco BPM has exercised a call option to gain full ownership of its insurance joint-venture with France’s COVEA, in line with a strategy to bring insurance operations in house.

However, Italy’s third-largest bank has said it will also consider offers from potential new partners in light of the interest its insurance assets have drawn.

Credit Agricole is the single biggest investor in Banco BPM having recently acquired a 9.2% stake with a view to expanding strategic partnerships that are currently focused on consumer credit.

Speaking on the sidelines of a conference, CEO Giampiero Maioli said Credit Agricole Italy would strive to offer the best terms for the insurance assets.

“We’ve expressed an interest and we’ll see what Banco BPM decides to do, whether they’ll pick a partner or just bring the business in house,” Maioli said.

“That will be up to the bank … we’ll try to offer, if circumstances allow it, the best conditions.”

Asked about whether Credit Agricole Italy could also consider closer asset management ties with Banco BPM, Maioli ruled out any interest for Anima (ANIM.MI), the asset manager which is one fifth owned by Banco BPM.

“There is nothing that concerns us in relation to Anima. Right now we’re focused on the ‘bancassurance’ issue,” he said.

Reporting by Andrea Mandala
Writing by Valentina Za
Editing by Cristina Carlevaro and Mark Potter

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