Credit Agricole, which holds a stake of over 20% in Banco Bpm, has submitted its own list of candidates for the renewal of the Italian bank's board, but has opted not to propose a CEO or a Chairman.

The slate, comprising seven candidates, "cannot result in a majority of directors," the French bank stated in a press release.

"Crédit Agricole does not seek control of Banco Bpm, nor does it oppose the current board. It has submitted its own list of candidates for the office of director, as well as its own list of candidates for the board of statutory auditors, in order to make a significant contribution to governance," the statement read.

The outgoing board of Banco Bpm has submitted its own slate for the renewal, proposing the confirmation of the current leadership structure, specifically Giuseppe Castagna as CEO.

A third list was submitted by the investment managers' committee, representing asset management companies and institutional investors holding more than 3.6% of the bank.

(Gianluca Semeraro, editing Cristina Carlevaro)