Core Insights - The European Central Bank has authorized Crédit Agricole S.A. to increase its stake in Banco BPM to 19.9% [1][5] - Crédit Agricole S.A. has stated that this increase aligns with its long-term investment strategy and does not plan to launch a public offer for Banco BPM [2][5] - As of Q1 2025, Crédit Agricole S.A. holds a position through derivatives that reaches 9.9% of Banco BPM's share capital and intends to exercise its right to physical delivery of shares [5] Financial Impact - The increased position in derivatives will have a limited impact on Crédit Agricole S.A.'s CET1 ratio in Q1 2025 [6] - In Q2 2025, the CET1 ratio is expected to be impacted by approximately 20 basis points due to the increased stake in Banco BPM and the crossing of the exemption threshold for significant equity investments in the financial sector [6]