CNCE, the central bank that heads the Caisses d'Epargne network of French government-owned, not-for-profit savings banks, confirmed yesterday that it aimed to unite its main subsidiaries, including Banque Sanpaolo and back offices dedicated to small- and medium-sized enterprises (SMEs), particularly in the areas of, factoring, leasing and international products.
The process will involve the option for individual branches to merge their SME activities with Banque Sanpaolo. The new subsidiary's supervisory board is to be overhauled and its board of directors renewed. Jean Merelle, former chairman of the board at Caisse d'Epargne Cote d'Azur, will head up the subsidiary.
Source: Les Echos
