The Confédération Nationale du Crédit Mutuel tried to force it through to hinder Arkéa's independence process
Brest, 20 April 2018 - Two days after the announcement of the final results of the votes cast by Arkéa’s local savings banks in favour of the independence, the Confédération Nationale du Crédit Mutuel is trying to hinder the implementation of the independence process by granting itself exorbitant powers to impose sanctions. The Arkéa Group will take all necessary measures to ensure that the choice of local savings banks is respected.
Local savings banks choose independence for Arkéa at 94.5%
Following the consultation process initiated by the local savings banks of Arkéa Group and the meeting of the Boards of directors of the federations, Arkéa Group is today officializing the results of the votes cast by the 307 local savings banks. 94.5% of local savings banks voted in favour of independence for Arkéa, which will thus become an independent territorial cooperative and mutual group.
Reaction to the Confédération Nationale du Crédit Mutuel's press release dated 11th April 2018
The position stated today by the Confédération Nationale du Crédit Mutuel (CNCM) amounts to a denial of democracy, when voting of the 331 local savings banks of Arkéa group is still on-going, in full compliance with articles of association and on the basis of a full report submitted to each local savings bank ahead of the consultation, and after free and informed debates to which the Chief Executive Officer of the CNCM himself took part. No incident has occurred to this day.
This position is all the more shocking as the voting process is in line with the propositions made by the Chairman of the CNCM during the Board of Directors held on 11th October 2017.
This refusal to acknowledge the votes of the local savings banks goes against the foundations of mutualism, based on the “one person, one vote” principle and on the autonomy of local savings banks.
Voting will continue until mid-April. Results will be announced after the Boards of Directors of the Federations, on 18th April 2018.
The technical aspects of separation will be presented in autumn to the local savings banks, as planned.
Record results in 2017 confirm Arkéa's solidity and the relevance of its development model
"The Arkéa Group has never been stronger than it is today," said Jean-Pierre Denis, its Chairman, after the Board of Directors approved the financial statements for the 2017 financial year. The territorial banking group achieved the best result in its history and all indicators are green. These excellent commercial and financial performances confirm the intrinsic strength and agility of a group that has built an original development model and found growth drivers in digital services and Business-to-Business activities.
Crédit Mutuel Arkéa starts a consultation process with its local savings banks on its independence project
The Crédit Mutuel Arkéa's Board of Directors has given to the group's directors, on 17th January 2018, a mandate to take any action enabling Crédit Mutuel Arkéa to become an independent cooperative and mutual banking group, entirely separate from the rest of Crédit Mutuel.