Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Netanyahu resists international pressure to stop air strikes on Gaza

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    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

Comments

COMMENT(S)