Proposed Merger
In October 2008 Groupe Caisse d'épargne announced plans to merge with fellow mutual Groupe Banque Populaire, in response to recent consolidation in the banking industry. Press agency AFP linked the announcement directly to the ongoing global liquidity crisis. The companies intend however to retain their separate retail banking brands and branch networks. If the merger is completed, the enlarged company, would hold €480 billion in deposits and have over six million customers.
Groupe Caisse d'épargne merges with the BFBP (Banque fédérale des banques populaires) in july 2009, and became BPCE, the France's second largest bank.
Read more about this topic: Groupe Caisse D'Epargne
Famous quotes containing the word proposed:
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