PARIS (Reuters) -Credit Agricole SA is ruling out any sale of its Italian subsidiary for cash, the French bank’s boss said on Tuesday, as it considers a potential tie-up with Italian peer Banco BPM.
“If we were to be approached by Banco BPM for a combination, we would view this very favourably,” Olivier Gavalda said on the company’s investor day. “But in no case would we accept to sell Credit Agricole Italy for cash. We are a long-standing player in Italy, and we are committed to continue supporting our 6 million Italian customers.”
(Reporting by Mathieu Rosemain, Editing by Charlotte Van Campenhout)
