U.S. Markets close in 2 hrs 15 mins

[$$] Banco BPM Signs Credit Agricole Deal, Nears Sale of Bad Loans

The deal with the French bank will boost Banco BPM’s capital ratio and help offset the impact of the bad-loan sale, it said late Friday. Banco BPM will sell its consumer-loans business ProFamily SpA to Agos Ducato SpA, a joint venture between Banco BPM and Credit Agricole, for 310 million euros ($350.8 million) as part of an agreement between the two banks to extend their partnership in consumer finance for 15 years. Banco BPM and Credit Agricole will also consider an IPO of Agos in the next two years, they said.