MILAN (Reuters) - French banking group Credit Agricole (CAGR.PA) backs the current top managers of Creval (PCVI.MI), the mid-sized Italian bank in which it owns a 5 percent stake, the chairman of Credit Agricole Italy said on Wednesday.
“We’ve just struck an insurance deal with Creval in full accordance with its top mangers. Our assessment is totally positive,” Ariberto Fassati told reporters on the sideline of a shareholder meeting of property group Beni Stabili BNSI.MI.
Credit Agricole agreed in July an insurance partnership with Creval.
Denis Dumont, another leading Creval shareholder, is seeking to replace the bank’s current top management and a shareholder meeting has been called on Oct. 12 to vote over Dumont’s request to appoint a new board.
Earlier this year Creval successfully raised 700 million euros (632.7 million pounds), or around eight times its market value at the time, to clean-up its balance sheet and prepare for a merger.
Reporting by Gianluca Semeraro, writing by Valentina Za, editing by Francesca Landini