On 15 April 1998, the French Government announced its decision to sell the Crédit Industriel et Commercial (CIC) to the Crédit Mutuel. This sale occurred 18 months after the failure of the banking group's attempted privatisation, since when its value has doubled. At the time, the trade unions were opposed to the sale of the bank and many local politicians also expressed their opposition to the dismantling of CIC, which, acting through its subsidiaries, is involved in regional development.
In April 1998, the French Government announced its decision to sell the CIC banking group to the Crédit Mutuel. Trade unions have welcomed this decision, while the leaders of the banking organisations not selected for the purchase have complained to the European Commission.
On 15 April 1998, the French Government announced its decision to sell the Crédit Industriel et Commercial (CIC) to the Crédit Mutuel. This sale occurred 18 months after the failure of the banking group's attempted privatisation, since when its value has doubled. At the time, the trade unions were opposed to the sale of the bank and many local politicians also expressed their opposition to the dismantling of CIC, which, acting through its subsidiaries, is involved in regional development.
The Jospin Government, which came to power in June 1998, decided to reformulate the criteria for privatisation: it put the purchase of the company out to tender, and promised that all candidates would be given a hearing by CIC unions. The privatisation committee selected three of the five applicants: theSociété Générale, one of the large French deposit banks, the Dutch ABN Amro group, and the Crédit Mutuel. The Government eventually selected the last-named.
The unions have welcomed this choice, but vowed to remain cautious. While the two unsuccessful applicants planned to reduce staffing levels by 2.5% per year, the Crédit Mutuel wants to invest FRF 4 billion to expand CIC, create 1,000 extra jobs and open 250 new branches.
The European Commission, asked to investigate the issue by the other banks involved, has demanded an explanation from the French Government. The French Banks' Association (Association française des banques, AFB) feels that the competition was unfair in as far as the Crédit Mutuel, a mutual benefit banking institution, is owned by members and not shareholders, and is not listed on the stock exchange. Moreover, it has a monopoly, along with the post office and the savings banks (Caisses d'épargne) of the distribution of the livret bleu(the blue savings-book distributed for use in a state-organised small-savings scheme, épargne populaire).
Eurofound priporoča, da to publikacijo navedete na naslednji način.
Eurofound (1998), CIC to be sold to mutual benefit banking group, article.
