Perol has played an active role in the folder

It is ultimately François Pérol, Deputy Secretary General of the Elysee Palace, which takes control of the whole Bank popular-Caisse d'Epargne. The birth of the second French banking group behind the Crédit Agricole should be endorsed this week. The decision was reintroduced Friday in the Elysee Palace and announced two groups Saturday morning. It endorses the takeover by the State of a merger that stalled in recent weeks the absence of agreement between the two mutual banks. A new meeting was scheduled yesterday evening at Matignon.

The Government hurried negotiations so that a rapprochement to be announced later Thursday, with the publication of results of Banques Populaires and Caisses d'Epargne and their common Natixis subsidiary, which should all three be in red (the squirrel could announce a loss of over 2 billion euros). It will inject new own funds in the new set, which he could hold up to 20 of the capital. "The merge process is progressing." "The decision, it will be this week", said Sunday Nicolas Sarkozy from Berlin.

Moving negotiations

If the Elysee Palace has not confirmed the arrival of François Pérol at the head of the new set, it appeared yesterday as one of the few certainties in negotiations still moving. The Ethics Committee of the administration will have to focus on his appointment, already criticized. For the PS spokesman Benoit Hamon "the choice of the number two of the Elysee, that is a personal friend of Nicolas Sarkozy, head of the second banking group participates a strategy of influence of the President in economic circles. According to François Bayroux, the President of the Modem, this appointment is "illegal", because "Mr. Perol has played an active role in the folder". François Pérol should be appointed as early as this week to instances of the direction of the Federal Bank of popular banks (BFBP) and the National Fund of the crates of d'Epargne (CNCE), the central bodies of the two mutual banks will merge. Then he will take the operational commands of the new group. "It will be the hand on the two networks and should be appointed at the head of Natixis, according to a close source of the two banks. The Banques Populaires and Caisses d'Epargne will designate the leaders who will be its support as a member of the Executive Board or Director General delegates.

Because the governance of the Group was not arrested yesterday: Supervisory Board with Board of directors or Board of Directors with Executive Director The Council would be that as it may 18 members: 7 "Blues" and 7 "red", and 4 representatives of the State or persons classified as appointed by the State. Philippe Dupont, CEO of popular banks, hoped still these days take the non-executive chairmanship of the new set, which should return to a "blue". His chances were narrowed in recent weeks, Caisses d'Epargne asking him to take on the difficulties of Natixis, which he also chairs the Executive Board. It would be in balance with Stève Gentili, the patron of BRED Banque Populaire, the head of the Conference of Presidents of the group.

15-20 for the State

As the effort of the State to recapitalize the new together, there was still under discussion last night. Public authorities have already injected EUR 2 billion of capital in the form of hybrid debt securities in the two banks, which were directly directed to Natixis. These securities could be transformed into preferential shares, as comes to BNP Paribas. The State has already provided to the future single central body EUR 2.5 billion by the summer in preferential shares. Public authorities could decide to inject a supplementary tranche of 500 million to EUR 2 billion to bring the ratio of own funds of the new group close to 9. The nature of these titles is not yet stopped. It could be of convertible securities. Ultimately, the State has therefore participation of 15 to 20 in the new set.