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24 Dec, 2020 Author Jennifer LaidlawFrancis Garrido
Bank M&A in Europe has picked up steam in recent months, but ultra-low valuations have prompted wrangling between buyers and sellers over price.
Spurred on by regulators, which are keen for banks to merge to boost profitability, and by historically cheap bank share prices, lenders have been taking action to grow by acquisition. Spain s CaixaBank SA is planning to take over peer Bankia SA, while Italy s Intesa Sanpaolo SpA acquired Unione di Banche Italiane SpA.
But one of the biggest potential bank deals of the year Banco Bilbao Vizcaya Argentaria SA s attempt to acquire mid-sized rival Banco de Sabadell SA fell flat after BBVA walked away over price. France-based Crédit Agricole SA s move on Credito Valtellinese SpA has been met with resistance as the Italian lender and shareholders want more money.
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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.