Tag: La Poste

The French committee of credit institutions and investment companies (CECEI) is to examine the request for approval for the future French postal bank, Banque Postale, for the first time on November 10. The postal regulation law passed on May 20 allows La Poste, the French postal service operator, to set up a banking subsidiary by 1 January 2006 at the latest. The members of the CECEI received an invitation yesterday regarding an extraordinary meeting. No details of the agenda have been given, but plans to create a postal bank are to be examined.

La Poste is expected to be forced to carry out some alterations to its application for approval of its future banking subsidiary, La Banque Postale, owing to an exceptional contribution of 2bn euros which will have to be paid to the state as part of the 2006 budget in connection with future and current retirement pensions for postal employees with civil servant status. In the application, La Poste mentions service agreements, which define its relations with the future bank from a legal and from a business point of view. In order to comply with competition law, it is envisaged that La Banque Postale will repay all costs which the parent company shoulders to assure the functioning of its banking subsidiary.