Credit Agricole boosts Italy presence with successful Creval bid reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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10 Dec, 2020 Author Jennifer LaidlawMohammad Abbas Taqi
Crédit Agricole SA s acquisition of Credito Valtellinese SpA would strengthen the lender s foothold in Italy and bolster its position in lucrative small and medium-sized enterprise lending and in asset management at a relatively cheap price if it can get it.
The French bank expanded in Italy, its so-called second home market, through the 2017 acquisition of three small Italian savings banks and their subsequent merger with its Italian business Crédit Agricole Italia SpA, the eighth-largest Italian bank by assets, according to S&P Global Market Intelligence data. The Creval deal would place it in fifth position and strengthen its position in the north of Italy, the country s economic powerhouse.