Crédit Agricole Italia will not play a leading role in the current wave of consolidation sweeping through the country's financial sector, CEO Giampiero Maioli said on Tuesday. The head of the Italian subsidiary of the French group emphasized that the bank would maintain the long-term approach that has guided its steady expansion in Italy.

Crédit Agricole Italia is the main investor in Banco BPM, its key business partner in Italy, and has increased its stake following UniCredit's takeover bid for its rival.

Crédit Agricole Italia has yet to announce its position regarding UniCredit's offer.

Speaking at the assembly of the Italian banking federation (FABI), Giampiero Maioli stated that Crédit Agricole Italia is not hostile toward any other players, explaining its caution by citing the current uncertainty within the Italian financial world.

(Reporting by Valentina Za, French version by Bertrand De Meyer, editing by Augustin Turpin)