The European Central Bank (ECB) authorized Credit Agricole S.A. to increase its Banco BPM stake to 19.9%. Credit Agricole became Banco BPM's largest shareholder in 2022 by purchasing a 9.2% stake in the Milan-based bank.

"The European Central Bank authorized Credit Agricole S.A. – under the qualifying holding regime – to cross the 10% threshold in the share capital of Banco BPM S.p.A. and, therefore, to hold a stake up to 19.9%," the banking group said in a press release on Wednesday.

Earlier today, Italian market regulator Commissione Nazionale per le Societa e la Borsa (Consob) gave its approval for UniCredit's takeover bid for Banco BPM on April 28.