Bankers Oppose Extension of La Poste’s Activities

According to a study by JP Morgan carried out in October 2003, French post office La Poste has 12 per cent of deposits in France, ahead of private banks BNP Paribas or Societe Generale, but well behind Credit Agricole and Caisse d’Epargne. For months the private banks have complained about the planned extension of La Poste’s activities to the insurance, consumer credit and mortgage segments. To a certain extent, the government has listened: La Poste will only be able to sell mortgages without prior savings from 2005 onwards, and for the moment the group will not be allowed to operate in the consumer credit and general insurance segments.