Axa, Credit Agricole vying to acquire Banco BPM’s insurance business

French insurer Axa SA is reportedly in talks to acquire a majority stake in Italian bank Banco BPM SpA’s insurance operations but it’s facing a challenge from France-based Credit Agricole Group, Verdict reported citing Bloomberg. Axa’s purchase can go ahead only after Banco BPM acquires full ownership of its insurance operations, which are valued at $1.6 billion. Meanwhile, Credit Agricole is also keen on purchasing Banco BPM’s insurance operations and has recently acquired a minority stake in Banco BPM.