Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Is she trying to keep me from using my scooter?'

Read more

DEBATE

NSA: Access Denied (part 1)

Read more

EYE ON AFRICA

Nigeria currency scam: Anti-corruption agency arrests 20 bankers

Read more

MEDIAWATCH

US Patriot Act partly expires as France strengthens surveillance

Read more

DEBATE

The Debate

Read more

REPORTERS

Video - Abu Azrael: ‘Iraq’s Rambo’

Read more

THE INTERVIEW

Gen Allen, US envoy to anti-IS group coalition: 'We are not supporting Shia militias'

Read more

FOCUS

Bill to curb CO2 emissions sparks concern among German coal miners

Read more

Business

Sarkozy aide appointed to be new CEO of merged banks

Latest update : 2009-02-27

Banks Caisse d'Epargne and Banque Populaire are to announce a merger creating France's second-biggest bank, in which the state is poised to take a 20-percent stake. Close President Nicolas Sarkozy aide François Perol has been named CEO.



AFP - French bank Caisse d'Epargne said Thursday it had named Francois Perol, a senior aide to French President Nicolas Sarkozy, as chief executive of the group which is merging with rival Banque Populaire.

Perol was also named as head of Banque Populaire on Thursday, but will begin as head of the new merged giant only when legislation covering the two institutions is changed sometime between now and the middle of the year.

The merger of Banque Populaire and Caisse d'Epargne, which reported a loss for the first time in its history on Thursday, is expected to create France's second-biggest bank.

"With the arrival of Francois Perol, the Caisse d'Epragne group enters a new period in its tie-up with Banque Populaire and shows its willingness to form the second biggest French bank," chairman Yves Hubert said in a statement.

Perol, whose appointment has caused controversy in political circles because of his relationship wth Sarkozy, is to take over from outgoing head Bernard Comolet on March 2.

Also Thursday, Caisse d'Epargne said it had made a loss of 2.0 billion euros (2.6 billion dollars) in 2008, largely because of its investment banking unit Natixis which was hit by the global financial crisis.

Perol left the civil service to join investment bank Rothschild in 2005 before returning to be Sarkozy's deputy chief of staff after the French leader won the presidential election of that year.

 

Date created : 2009-02-26

COMMENT(S)