BPCE: a plan that is expensive.

Keywords: Asset Management, solvency, credit, François Perol, NatIxis, BPCE, Deposit.

 The reorganization plan scheduled by the group, which intends to strengthen the management of assets, would cost 1.9 billion euros Banques Populaires, a report from consulting firm Secafi that has acquired The Tribune .

Pragmatic. While acknowledging that the trajectory borrowed since 2006 by Natixis, a subsidiary 71.5% owned by Banque Populaire and Caisse d'Epargne (BPCE), not enough to satisfy shareholders, Francois Perol, the Chief Executive BPCE, also welcomed the turnaround achieved since March 2009 by the parent company of Natixis. 'I firmly believe in the potential of this company, even if the environment is not simple. We need time, confidence and perseverance to succeed in the recovery plan that we have undertaken, "said Francois Perol in an interview with Les Echos published today.
A plan that, if we are to believe the report Secafi, a consultancy commissioned by the staff representatives of the group, expected to cost 1.9 billion euros. This figure, according to La Tribune, is explained by two thirds to adverse réévalutations Banques Populaires. At December 31, 2009, Banques Populaires display devaluations of 55 million euros when the Caisses d'Epargne suffer a capital gain of 629 million euros. Still according to the report, each network will go to 903.5 million euro capital to ensure solvency BPCE. In total, Secafi anticipates that Banques Populaires will puncture 30% of their surplus capital against 9% for savings banks.

Concerns among unions:
If union officials are alarmed by this situation, the group defends itself by saying that "it is economically more appropriate to use the surplus capital to repay the preference shares subscribed by the state, paid more than 9 %, than leaving the network.
François Perol has also confirmed that BPCE should raise its capital ratio by 7.3% in March to more than 8% in 2013, one year after the implementation of new measures Basel III. It will repay the state aid by 2013.
A refund, the CEO of BPCE, should avoid forcing the group on assignments - "we are not forced sellers, says Francois Perol - or acquisitions, but did not stop to think begin to strengthen. "We can strengthen the international through acquisition or organic growth, through Natixis in asset management," he concludes.