On 15 January 2021, the chairmen of the caisses locales, following the general meeting of the Fédération du Crédit Mutuel Nord Europe (CMNE) approved the strategy of Crédit Mutuel Nord Europe to join Crédit Mutuel Alliance Fédérale.
This strategy is associated with the implementation of a financial, technical and HR partnership, the details of which are specified in the convergence agreement (protocole de convergence) dated 2 July 2021. It implies, with effect from 1 January 2022:
- the adhesion of Crédit Mutuel Nord Europe caisses to Caisse Fédérale de Crédit Mutuel (CFCM) ;
- the consequential affiliation of Caisse Fédérale de Crédit Mutuel to Fédération du Crédit Mutuel Nord Europe ;
- the extension of the collective banking license held by Caisse Fédérale de Crédit Mutuel to the caisses of Crédit Mutuel Nord Europe and the consequential withdrawal of the collective banking license held by Caisse Fédérale de Crédit Mutuel for itself and the caisses locales of Crédit Mutuel Nord Europe.
This adhesion includes the transfer of assets and liabilities from Caisse Fédérale de Crédit Mutuel Nord Europe (CFCMNE) to Banque Fédérative du Crédit Mutuel (BFCM), the bank in charge of the refinancing and liquidity of Crédit Mutuel Alliance Fédérale, and which holds substantially all group subsidiaries and shareholdings.
This transfer will result in:
- the sale of 100 % of the shares in Bail Actéa by CFCMNE to CCLS, an indirect subsidiary of BFCM ;
- the contribution (apport partiel d’actifs) of the French non-cooperative banking activities of CFCMNE, under French spin-off legal regime, resulting in the universal succession of the dedicated assets and liabilities to BFCM (and in particular 100% of the shares in Bail Actéa Immobilier, the receivables of CFCMNE over its leasing subsidiaries, the bond issues and pertaining derivatives instruments). This contribution will result in BFCM being substituted as the issuer for all outstanding bonds of CFCMNE, all other terms and conditions remains unchanged ;
- the contribution of 51% of the shares in Beobank by CFCMNE to BFCM, widen the geographical footprint of Crédit Mutuel Alliance Fédérale in Belgium.
The opinions of the works councils of the relevant companies have been obtained on these transactions, closing of which will take place in early January 2022, subject to the delivery of regulatory authorizations as well as the positive vote of the Shareholders Meeting of CFCMNE and BFCM.