The Board of Directors of the Confédération Nationale du Crédit Mutuel (CNCM) met today in connection with the penalty procedure initiated last October against the Crédit Mutuel Arkéa interfederal savings bank. At the meeting, Crédit Mutuel Arkéa, through its Chairman Jean-Pierre Denis, not only demonstrated the illegality of the procedure and the baselessness of the accusations, but also reaffirmed Crédit Mutuel Arkéa's determination to preserve its autonomy and defend its decentralized cooperative banking model whose operational and economic effectiveness has a proven track record. Jean-Pierre Denis proposed that further discussions be held soon to define the terms and conditions of an orderly separation.
Crédit Mutuel Arkéa has taken note of the decision of the French Council of State (Conseil d’Etat) issued earlier today, which sets aside the Rennes Administrative Court’s judgement of August 25, 2016.
Crédit Mutuel Arkéa: 96.4% vote in favor of autonomy
Following the ballots that took place between October 19 and 21, 2016, the three federations of Crédit Mutuel Arkéa (Bretagne, Massif Central and Sud-Ouest) came out overwhelmingly in favor of the project championed by the group. 96.4% of the 333 votes cast were in favor of creating Crédit Mutuel Arkéa’s own central governing body. This vote, which shows the group’s collective support for the management-led project, is a strong signal to the Confédération Nationale du Crédit Mutuel (CNCM) that it needs to find a solution that both complies with banking regulations and respects Crédit Mutuel Arkéa’s autonomy.
Following today’s General Meeting of the Confédération Nationale du Crédit Mutuel (CNCM), Crédit Mutuel Arkéa would like to reassert the following facts: The governance of the CNCM still does not comply with European requirements: “Its status as an association does not allow for appropriate supervision” according to the ECB’s own words...