France’s Crédit Agricole has said it will boost its stake in Banco BPM in a move that will complicate UniCredit’s approach for the Italian lender.

Italy has limited scope to intervene in UniCredit's swoop for smaller rival Banco BPM through its "golden powers", which some ministers see as a way to have leverage over the deal, people close to the matter told Reuters.

Credit Agricole SA has raised its stake in Banco BPM SpA to 15.1%, as the Italian lender faces a takeover bid from UniCredit SpA.