Crédit Agricole to acquire Banco BPM's non-life insurance subsidiary

Crédit Agricole has entered into exclusive negotiations with Banco BPM to acquire a majority stake in its non-life insurance subsidiary Banco BPM Assicurazioni.

Two French groups were in the running to acquire the non-life activities of the Italian bank, namely Crédit Agricole and AXA.

Banco BPM has finally settled on Crédit Agricole, which has held 9.8% of its capital since April 2022.

The transaction is valued at 300 million EUR (310 million USD).