The Group has more than 7 million members

The last step of the regulatory marathon for the merger of Caisse d'Epargne-Banque Populaire was taken yesterday. More is nothing in the operation. Committee (CECEI) investment firms and credit institutions gave his approval to the constitution of the new central body (NOC) to head the two banking groups.

"The record is passed as a letter to the post, said a relative of the CECEI.". The details that have been transmitted by the project on procedures, governance and the functioning of the new set appeared satisfactory. We were far from heated debates that had caused the creation of the Bank mailing. "The CECEI officials have even requested"a sustained effort of rationalization"to reduce the coefficient of operation of 12 points in three years, around 70.

Remains to validate the last steps internally. Today, the governing bodies of the Caisses d'Epargne and the regional popular banks will come together to validate the approximation. The day should terminate with the validation of the partial input of the assets of the former central organs to the new. The name of the new group should be announced in the evening. According to "the express .fr, the choice would be on BPCE.

"A genuine cruise ship.

The new central body will replace two existing central bodies, the National Fund of funds of d'Epargne (CNCE) and the Federal Bank of banks Populaires (BFBP), which will include entries left out of the reconciliation including in real estate.

It is therefore a banking Mastodon which sees the day. The new set can claim the second place, behind credit agricultural-LCL, with 22 of the total deposits of French banks, 527 billion euro of outstanding savings, 437 billion of outstanding credit and 16 billion banking net product (GNP). It will be 106.000 collaborators in France and 8.170 agencies, or 28 of the total of agencies if you exclude the Postal Bank. It will also be leader on many segments such as teachers, associations, entrepreneurs.

"This is a genuine cruise ship... that it will be not easy to handle," warns a connoisseur of the two banks. Caisses d'Epargne and Banques Populaires will retain their brand and their autonomy.

"To one side of the cases of very powerful savings on individuals and the economy social but little effective from an operational point of view, many of them being dependent on dividends paid by the central organ; "on the other of the Banques Populaires rather effective and autonomous, but missing often critical size and commercial Dynamics", continues the same.

Financially, the group displays approximately 38.4 billion Tier-1 capital EUR, bringing its Tier-1 ratio to slightly more than 9. But the cost of risk will strongly grow this year and next. And Natixis, likely to wipe new writedowns on its portfolio of illiquid assets, is a component of embrittlement. Even with the 7 billion euros made by the State, the new set may need to quickly strengthen its own funds for degradation of the environment. "A representative of the Banking Commission has estimated that, even in a difficult scenario, the group could face, where appropriate by issuing new shares," said a member of the CECEI. The Group has more than 7 million members.