As anticipated yesterday, the European Central Bank has communicated its authorization to exceed the 20% threshold of Banco BPM's capital. The French bank itself announced this in an official statement, specifying that "on January 9, 2026, the European Central Bank communicated its authorization to exceed the 20% threshold of Banco BPM SpA's capital."

This marks another step in Credit Agricole's growth path in BPM, following the European Central Bank's authorization in April 2025 to increase the French bank's stake in Banco BPM to 19.9% (read EFA News ), and the move continued in July last year when the board of directors of Crédit Agricole SA approved the submission of a request for authorization to the ECB to exceed 20% of Banco BPM's share capital (read EFA News ).

During the third quarter of 2025, Crédit Agricole SA invested in instruments relating to Banco BPM shares and holds an additional position in the form of derivative products equal to 0.3% of Banco BPM's capital.

Crédit Agricole SA, the statement continues, "intends to exercise its right to physical delivery of the Banco BPM shares underlying this position. Consequently, Crédit Agricole SA will hold 20.1% of Banco BPM's share capital."

"As previously communicated," the official statement continues, "Crédit Agricole SA does not intend to acquire or exercise control over Banco BPM and will keep its stake below the mandatory public offering threshold."

Crédit Agricole SA's stake in Banco BPM's capital—the French bank adds in its statement—is consolidated using the equity method under a significant influence regime in the fourth quarter of 2025, in line with its role as a long-term shareholder and partner of Banco BPM. In light of this development, Crédit Agricole SA's income statement is no longer exposed to the volatility induced by Banco BPM's share price performance.

"The accounting impact of the first-time consolidation of Banco BPM," the statement continues, "is approximately -600 million euros, recognized under the item 'share of net profit (loss) of companies accounted for using the equity method' in the income statement for the fourth quarter of 2025."

"The impact on the results of the stake in Banco BPM's capital for the entire 2025 financial year," the press release adds, "taking into account fair value revaluations in the income statement and dividends received, is overall positive by approximately 200 million euros."

"The impact of the first consolidation on solvency is approximately +5 basis points on Crédit Agricole SA's CET1 ratio," the note concludes.