CDC could invest in French post office's new holding company (La CDC pourrait entrer au capital du nouveau holding financier de La Poste)
From LES ECHOS, August 17th, 2001
The French deposit office CDC is said to have agreed to acquire a stake in the French post office (La Poste)’s new holding company, SR2, if La Poste asks it to do so. The ball is believed to be in the court of the post office, which says that it has nothing to announce for the moment. Patrick Werner, La Poste’s managing director, points out that his organisation has already formed partnerships with CDC within the insurance company CNP Assurances and Sogeposte, in centralising La Poste’s Livret A savings account, and in refinancing its property loans.
SF2, which was set up earlier this year, regroups most of the French post office’s subsidiaries and holdings in the financial services sector. It contains more than 1bn euros (FFr6.55bn) worth of assets.
CDC agreed in June to enter its shareholding – at a time when La Poste’s chairman, Martin Vial, was appealing to the French authorities to ensure that his organisation was not marginalised by CDC’s merger with the national savings group Caisses d’Epargne.
Abstracted from Les Echos Abstracted from Les Echos in French FT McCarthy – Copyright 2001 Financial Times Information.
Source: World Reporter (Trade Mark).
LES ECHOS, 17th August 2001
