Credit Agricole Cariparma, the Italian retail banking arm of Credit Agricole, is in preliminary talks with the Bank of Italy and the Interbank Deposit Protection Fund (FITD) to acquire three local savings banks- Cesena, Rimini and San Miniato.
Credit Agricole said that the deal is currently in its “very early stages” and is subject to a positive outcome of the due diligence process and regulatory approval.
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The transaction excludes the banks’ bad debts that would be deconsolidated prior to a possible sale.
Credit Agricole said that the deal would boost its Italian customer base by nearly 20% and would reduce its common equity Tier 1 ratio by less than 10 basis points.
“These discussions fit with Crédit Agricole’s strategic goals in Italy as presented when the Medium-Term Plan “Ambition 2020” was published and confirmed again recently. Organic growth is the priority avenue of development for its retail banking business in Italy,” the French bank said.
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