La Poste is expected to become third partner in alliance
French state-owned postal service La Poste is not participating in the alliance formed by French banks Caisses d’Epargne and Caisse des Depots (CDC) – despite being one of the main distribution networks for the life insurance products of French insurer CNP, and one of its main shareholders. La Poste has an 18 per cent stake in CNP, as has Caisses d’Epargne, while CDC has a 37 per cent stake.
It was eventually decided to leave CNP out of the agreement between the two banks, so as not to marginalise La Poste. However, if the French government wants a true international financial division, it would be nonsensical to exclude La Poste, a major player in the sector. Two solutions are envisaged: a change in the status of La Poste to allow it to exchange shares and enter the alliance, or the creation of a postal bank which could absorb Caisse des Depots.
Abstracted from Le Monde Abstracted from Le Monde in French FT McCarthy – Copyright 2001 Financial Times Information.
Source: World Reporter (Trade Mark).
LE MONDE, 26th June 2001
