This report does not constitute a rating action. MILAN (S&P Global Ratings) Nov. 10, 2026-- Credit Agricole S.A. (CASA; A+/Stable/A-1) is in discussions with Banco BPM SpA (BBB+/Positive/A-2) about a possible merger between Banco BPM and its Italian subsidiary Credit Agricole Italia. The merger would create a new leading Italian banking group. The combined entity would be built around Banco BPM and be listed in Milan. It would serve about 6.5 million customers, have more than €300 billion in assets, and manage more than €500 billion, including deposits and assets under management. This would make Banco BPM the second-largest banking institution in Italy, on par with UniCredit (considering only its domestic operations) but still trailing relatively far behind Intesa Sanpaolo.
