The Administrative Court of Rennes confirms that the ARKEA group can use the ARKEA brand in its communication actions
The ARKEA group welcomes the decision of the Administrative Court of Rennes on 24 June 2019, which rejects the requests of the Confédération Nationale du Crédit Mutuel (CNCM). The court had been seized by the CNCM in order, in particular, to prohibit the ARKEA group from using the name "ARKEA" or "ARKEA group" without adding the words "Crédit Mutuel" for all its communications. The court found that the CNCM's request is unfounded. The ARKEA group will thus be able to continue its institutional communication and sponsorship activities under the ARKEA brand. In particular, the Court points out that that name is not likely to cause any confusion. On the commercial level, only the Crédit Mutuel ARKEA brand is used and will continue to be used until independence. The group's products and services are also distributed under the brands of federations and subsidiaries.
Arkéa confirms its first-rate financial strength and the efficiency of its model
“In 2018, the Arkéa group achieved remarkable financial and commercial performances. Arkéa has once again demonstrated its ability to produce steady, profitable and balanced growth," said Chairman Jean-Pierre Denis at the end of the Board of Directors' meeting that approved the financial statements for 2018. In line with a benchmark 2017 financial year, the cooperative banking group maintained its performance at the highest level and set new records, with net income group share at €437 million, up 2.1%, up 30% over the past two years. These very good overall performances confirm the intrinsic solidity of a diversified group that has capitalized on its territorial roots, the agility conferred by its intermediate size and its recognized technological expertise to build an original development model which is adapted to the rapid changes in the banking industry.
Crédit Mutuel Arkéa decides to no longer be rated by S&P Global Ratings
Crédit Mutuel Arkéa has announced the termination of the agreement with the Confédération Nationale du Crédit Mutuel (CNCM) concerning Crédit Mutuel Arkéa’s ratings by S&P Global Ratings. The termination will come into effect on June 1st, 2019. Crédit Mutuel Arkéa will continue to be rated by Moody's Investor Services and Fitch Ratings.
Arkéa will send the request for disaffiliation to the Confédération Nationale du Crédit Mutuel following the vote of the local saving banks, which will be initiated when the separation file is finalised
The Arkea group is surprised by the position of the Confédération Nationale du Crédit Mutuel (CNCM) and points out that the request for disaffiliation to the CNCM will naturally come after the vote of the local savings banks on the terms and consequences of the separation, which will be initiated when the complete separation file is finalized.
The Arkea group renews its full availability to engage in serious and good faith discussions, far removed from the whimsical claims of the confederation's leaders, on the conditions of the separation chosen by 94.5% of the local savings banks.
Arkéa repeats its proposal to engage in serious and good faith discussions on the conditions for an orderly separation
The Arkéa group, which convened its Board of Directors today, once again expresses its misunderstanding following the decision of the Confédération Nationale du Crédit Mutuel (CNCM) to break off discussions in a brutal and unilateral manner even before they have actually been initiated.