French bank Credit Agricole has completed the
first stage of the acquisition of Italy’s Cassa di Risparmio della
Spezia (Carispe) bank from Intesa Sanpaolo Group.
The move should benefit Credit Agricole’s
Italian leasing business, which relies on the bank branch network
to originate deals. In total, Intesa Sanpaolo will transfer almost
200 branches to Credit Agricole within a few months, taking the
total number of bank branches to 902, all of which will offer
leasing.
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CALIT managing director Alberto Bertanzetti
said that the branch network will be the main sales channel
for leasing, in line with the aim of using the product to enhance
the bank’s offer and to develop customer loyalty.
He said: “With the addition of Carispe to our
group in Italy and – shortly – of another 96 bank branches, the
network that CALIT can count on will increase by over 25
percent. The new branches are located in strategic areas for us,
where there’s a high concentration of SMEs, which heavily rely on
leasing.”
Most of the new branches are located in
Lombardy, Veneto and Tuscany, traditionally home to Italy’s largest
and most dynamic base of firms.
Credit Agricole is now the seventh largest
banking group in Italy.
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