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BPCE: creation of France’s second-largest banking group

The Board of Directors of Banque Fédérale des Banques Populaires (BFBP) and the Supervisory Board of Caisse Nationale des Caisses d’Epargne (CNCE), which met today, have validated all of the founding principles of BPCE, formed from the merger between BFBP and CNCE. BPCE will become fully operational on Monday, August 3, 2009, after the two groups hold their Extraordinary General Meetings on July 31, 2009, to ratify the formation of the new central body.

As of this date, BPCE will be positioned as France’s second-largest banking group and will rely on two autonomous and complementary retail banking networks, those of the 17 Caisse d’Epargne banks and the 20 Banque Populaire banks, strictly observing the pre-eminence of the two brands. The new group will have around 34 million customers, extensive coverage of France with 8,000 branches, 110,000 employees and over 7 million member-stakeholders.