This agreement cements an operating method that preserves the originality and strength of Crédit Mutuel's cooperative and mutual model, based on unity, solidarity and subsidiarity, and respects both the prudential powers of the central body and the autonomy of the federations and regional groups.
Thanks to mutual progress, work has been carried out resulting in a memorandum of understanding the main provisions of which are described below:
- The application of the principles of subsidiarity and autonomy within the Crédit Mutuel group - The regional groups are free to determine their own strategy and, more broadly, their business plan, in compliance with prudential rules.
- The free competitive development of the respective subsidiaries must be reconciled with respect for the principle of territoriality of the Crédit Mutuel local banks. In this respect, a guide to good commercial practice has been drawn up.
- Names and the use of the "Crédit Mutuel" brand - The national brand has historically been registered by the Confederation, which is responsible for and owns it on behalf of all Crédit Mutuel members. However, the federations, branches and local banks may use separate trademarks incorporating the words "Crédit Mutuel" under their own names.
- Governance of the Confederation – These provisions include:
- The creation of a deputy vice-chairman, a position that will be held by the chairman of the Crédit Mutuel de Bretagne federation, who will also chair the risk committee;
- A right of veto by the federations in the event of damage to their vital interests (employment, regional decision-making centers, subsidiaries, information systems, purpose, etc.).
The agreement sets out the role of the Confederation in providing a public service. It ensures the smooth running and cohesion of the group in order to guarantee its financial stability, its soundness and the protection of depositors and members. In this capacity, it is the main contact for the supervisory and resolution authorities that monitor the Crédit Mutuel group on a consolidated basis. It also represents the collective interests of Crédit Mutuel vis-à-vis the authorities and the profession, in addition to the individual interests defended by each member.
This agreement will be reflected in the coming weeks in a draft revision of the central body's bylaws, which will be submitted to an extraordinary general meeting and to the Minister of the Economy for approval in accordance with the French Monetary and Financial Code.
In the same timeframe, the draft bylaws will be presented to the local banks at the general meetings of the Crédit Mutuel de Bretagne and Crédit Mutuel du Sud-Ouest federations. It will then be proposed that they put an end to the disaffiliation project.
Beyond the agreement itself, the signatories emphasise the constructive nature of the negotiations and the spirit of trust throughout the process.