French banking group Credit Agricole has launched a voluntary public tender offer to buy Italian bank Credito Valtellinese for €737m ($875m).

Credit Agricole aims to bolster its presence in Italy by acquiring Credito Valtellinese, serving three million clients there.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Deal terms

Under the deal terms, Credit Agricole Italian banking arm has offered to pay €10.50 for each share of Credito Valtellinese.

Credit Agricole Italia aims to acquire 100% of Credito Valtellinese’s shares.

Algebris, a shareholder in Credito, has already agreed to sell its 5.4% stake to Credit Agricole Italia.

Credit Agricole’s insurance unit Crédit Agricole Assurances also agreed to sell its 9.8% stake in Credito Valtellinese’s to Credit Agricole Italia.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Post-transaction, Credito Valtellinese will be incorporated in Crédit Agricole Italia.

The lender will get at least 66.7% of Credito Valtellinese’s voting share capital.

Business combination

The combination of Credit Agricole Italia and Credito Valtellinese will make the group as the sixth-largest retail bank in Italy.

Credito’s clients will get access to a comprehensive range of financial solutions and Credit Agricole will also acquire its employees.

Meanwhile, shareholders can expect a return on investment of above 10% by year three.

The two group will continue their existing bancassurance partnership under their group Crédit Agricole Vita.

Credit Agricole employs 14,000 people, serves 4.5 million customers, and has over 1,000 branches in the country.

While, Credito Valtellinese has €24bn in total assets as of September 2020. It serves 700,000 clients via 355 branches and it employs 3,539 people in Italy.

The latest deal is part of Crédit Agricole Italia’s sustainable growth strategy.

Credito Valtellinese’s acquisition will create an Italian banking group with the financial support and product suite of one of the largest European banking groups.

Comments

Credit Agricole Italia president Ariberto Fassati said: “Credito Valtellinese shares with us many of the fundamental values that represent the raison d’être of Credit Agricole Italia: the rootedness to the territory, the attention to local communities and to the social and entrepreneurial networks, the enrichment of people and the sustainability of the business model.”

Credit Agricole Italia CEO and group head Giampiero Maioli said: “With this transaction, Credito Valtellinese’s customers and employees will gain access to the same first-class financial products and services as Credit Agricole Italia, benefitting from Credit Agricole Group’s scale, strength, innovative and client-centric culture, and the combined group will continue its strong commitment to supporting Italy and the local communities.”