(Boursier.com) — Banco BPM’s assets are attracting major French financial groups. A few days after the Agricultural credit revealed to have acquired a 9.18% stake in the third largest Italian bank, Axa eye the latter’s insurance business. According to ‘Bloomberg’ sources, the insurer is indeed in preliminary discussions with the transalpine group to acquire a majority stake in its insurance activities valued at around 1.5 billion euros.
Axa is said to be considering a deal once BPM gets hold of several local insurance companies whose ownership it shares with partners. According to people close to the case quoted by the agency, nothing is done and the talks could fail. Interest in the insurance industry was one of the reasons Credit Agricole decided to acquire a minority stake in Banco BPM, seeking to discourage potential competitors, some people say.
Since the creation of Banco BPM in 2017, resulting from the merger between Banco Popolare and Banca Popolare di Milano, CEO Giuseppe Castagna has reorganized the asset management, insurance and consumer credit activities in order to eliminate duplication jobs and increase its profitability. A successful recovery that makes it a target of choice in Europe.
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