MILAN, July 24 (Reuters) - French bank Credit Agricole is set to buy 5 percent of Credito Valtellinese (Creval) and sign a life insurance partnership with the mid-sized Italian bank, the MF daily reported on Tuesday.
Credit Agricole and Creval declined to comment.
The investment would place Credit Agricole, which is present in Italy through the local Cariparma banking group, among Creval’s leading shareholders.
The bank, based in the wealthy Lombardy region, managed to raise 700 million euros, or eight times its market value, selling new shares to investors earlier this year, to fund a balance-sheet clean-up and prepare for a possible merger.
Reporting by Valentina Za; editing by Jason Neely