Credit Agricole Subsidiary, Banco BPM Tweak Italian JV Agreement
21 December 2020 - 9:57PM
Dow Jones News
By Mauro Orru
Credit Agricole SA's consumer-credit subsidiary Credit Agricole
Consumer Finance said Monday that it has amended parts of an
agreement with Italian bank Banco BPM SpA for their
consumer-finance partnership in Italy.
The French lender's subsidiary and Banco BPM had previously
established a consumer-finance joint venture in Italy--Agos Ducato
SpA--in which Credit Agricole Consumer Finance holds 61%, while
Banco BPM had 39%.
The French lender had granted a guarantee to Banco BPM to buy a
stake of 10% in Agos for 150 million euros ($183.9 million),
exercisable in June 2021.
The latest amendments now enable the stake acquisition option to
be exercised by the end of July 2023 at the same price, the French
bank said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
December 21, 2020 05:42 ET (10:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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