By Aimee Look
Credit Agricole said it increased its stake in Italy's Banco BPM to 29.3%, in a bid to bolster its foothold in Italy.
The French bank said it accumulated its stake in Banco BPM through market purchases of shares and a derivative instrument.
In its first quarter results in April, Credit Agricole said it had a 22.9% stake in the Italian lender.
The increased stake is part of Credit Agricole's broader commitment to a presence in the Italian market, it said. It is consistent with its strategy as a long-term investor and partner with the Italian bank, it added.
The added stake is expected to lower Credit Agricole's CET 1 ratio by around 35 basis points by the end of the second quarter of 2026, it said.
Write to Aimee Look at aimee.look@wsj.com