Credit Agricole Open to Anima Sale
Credit Agricole has signaled openness to selling fund manager Anima Holding to ease political resistance in Italy regarding its proposed merger with Banco BPM. The French bank aims to address government concerns over domestic control of savings.
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CREDIT AGRICOLE SA indicated to Italy it would consider selling asset manager ANIMA HOLDING SPA to advance its proposed merger with BANCO BPM SPA over the course of Monday and Wednesday. The potential divestment aims to smooth regulatory hurdles in a banking sector where domestic control remains politically sensitive. The transaction could lift the French lender's stake in BPM to 45% from 29.6%, people familiar with the matter said.
