The European Commission has approved the transfer of the banking and financial business of theFrench Post Office (La Poste) to its subsidiary, Banque Postale. This clears the way for the
official launch of the new Banque Postale on January 1, 2006.The Commission said the internal business transfer will not confer an economic advantage onBanque Postale. The French authorities have entered into commitments ensuring this outcome.Competition Commissioner Neelie Kroes said: “The conversion of the financial business of La Posteinto a subsidiary is in itself a major step towards greater transparency in the banking sector inFrance.”
The French State and La Poste have decided to bring the financial business of La Poste under theordinary rules. All the assets, rights and obligations attached to the financial services of LaPoste will be transferred as of 1 January 2006 to Banque Postale, a limited companyinitially 100% owned by La Poste.
The Commission has checked that the own funds transferred to Banque Postale, in line with theaccounting standards applicable to operations of this nature, correspond to the own funds currentlyassigned to the financial services of La Poste. In the absence of additional capital from theFrench State, the Commission takes the view that, having due regard to the situation at the time oftransfer of the business, this provision does not constitute state aid. Verification that the levelof own funds of Banque Postale is sufficient for the volume and nature of its business is not amatter for the Commission: it is the responsibility of the national authorities.
The associated issues, not directly linked to the transfer, such as the special right todistribute the “livret A” (a tax-free savings account for which La Poste has enjoyed a specialdistribution right since 1881), the unlimited state guarantee granted to La Poste and the welfareschemes for La Poste employees reassigned to Banque Postale, will be examined separately by theCommission.
