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Credit Agricole Subsidiary, Banco BPM Tweak Italian JV Agreement

   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)

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