Credit Agricole currently holds four seats on the Banco BPM board, positioning the French banking giant as a decisive voice in any potential consolidation. Despite market speculation surrounding the move, Gavalda clarified that his firm has received no formal approach or concrete proposal regarding the deal. He emphasized that any future discussions would be evaluated strictly through the lens of strategic merit and long-term viability.

Management remains focused on the execution risks inherent in such a large-scale integration between the two Italian institutions. While the bank is prepared to assess future projects, the current stance from its largest shareholder suggests that the path toward a deal faces significant hurdles before it can be considered a viable path for value creation.