CREDIT MUTUEL ARKEA – Crédit Mutuel Arkéa presents concrete proposals to the Confédération Nationale du Crédit Mutuel to find a solution to their conflict, invites dialogue and invites the Confederation to open orderly discussions on this basis – 29/08/2022 – 18:00


Crédit Mutuel Arkéa presents concrete proposals to the Confédération Nationale du Crédit Mutuel to find a solution to their conflict, invites dialogue and invites the Confederation to open orderly discussions on this basis

Brest, 29 August 2022 – The boards of directors of Crédit Mutuel Arkéa, Crédit Mutuel du Sud-Ouest and Crédit Mutuel de Bretagne have just approved a detailed project that defines the lines of a guaranteed autonomy framework for Crédit Mutuel Arkéa. This project represents a balance between the objectives of all parties to the dispute between Crédit Mutuel Arkéa and the Confédération Nationale du Crédit Mutuel (CNCM). It is an alternative to the Crédit Mutuel Arkéa disaffiliation project, which corresponds to the mandate given to its managers since 2018.

On 7 July, the president of the CNCM met his board of directors and had the so-called “reconciliation” proposals adopted. While the few advances expressed are to be welcomed, these projects are insufficient in substance and inadequate in method. On backgroundthey do not address or address the root causes of the disagreement: ill-defined and ever-expanding powers of the Confederation, unbalanced governance in favor of the Crédit Mutuel Alliance Fédérale (CMAF), the dominant regional group, elements of conflict of interest between the CNCM and the CMAF, and finally a centralizing vision. On the method, Crédit Mutuel Arkéa could only observe the one-sided nature of the President of the Confederation’s approach. These positions, which do not meet the group’s requests and are not the result of negotiations, were unanimously rejected by the board of directors of Crédit Mutuel Arkéa which met on 25 August, as well as by the councils of the Brittany and South West federations.

Despite this observation, Crédit Mutuel Arkéa remains very eager to give every possibility to an alternative to disaffiliation, provided that this alternative allows it to carry out its specific and unique business plan.

This is why Crédit Mutuel Arkéa took the initiative to work a series of concrete proposals which was approved, also unanimously, by the boards of directors of Crédit Mutuel Arkéa and its two federations Crédit Mutuel de Bretagne and Sud-Ouest, and sets the necessary conditions for the implementation of this alternative.

Acceptance of an orderly negotiation based on such proposals would avoid a scenario which would force Crédit Mutuel Arkéa to complete the project of disaffiliation – which since 2018 is the mandate given to its managers – if this seems to be the only possible scenario to preserve its autonomy and its only model of development.

This initiative illustrates once again the invitation to a quiet and orderly discussion. The approach and the proposals made are serious, balancedcompletely respectful of mutualistic values. The interests of all regional groups are also needed. These proposals concrete able to guarantee over time the full recognition of the strategic autonomy of regional groups and federations.

They act a unequivocal acceptance of prudential powers of the central body which must be defined in a clear and restrictive manner and exercised within the scope of the legal delegation to the collective interest of the associated entities and shareholders.

They are based on a government articulated around the principle of subsidiarity. This finds concrete translations in particular in the introduction of a strategic veto power allow regional groups and federations to block any decision by the central body that violates its strategic autonomy and business plan – except in compelling prudential circumstances. Procedures are also proposed for the amicable settlement of disputes, a more impartial and better controlled sanctioning procedure and even a more balanced representation of regional minorities in governing bodies.

These principles provide for the recognition of free competition between regional groups and the creation of a mechanism to ensure their correct implementation.

The “Crédit Mutuel” institutional brand, managed by CNCM, is an important asset that promotes mutual and cooperative values ​​shared by all. But it must not be diverted from its common utility for the benefit of a single regional group, and regional groups and federations must be able to freely dispose of of its brands and signs.

These developments would lead to realize a framework of guaranteed strategic autonomy allowing Crédit Mutuel Arkéa to remain within the Crédit Mutuel and return to an operational mode decentralizedat the same time modern and faithful to the origins of this group.

Of the mutual concessions they are obviously necessary to reach an agreement. In exchange, The unity of Crédit Mutuel will be preserved and consolidated ; a Crédit Mutuel united around a collective project based on the acceptance of the plurality of models and strategies and on a real decentralization.

All the proposals put forward are “in accordance with the law” : they do not involve any legislative or regulatory changes other than adjustments to the by-laws and DCG (General Decisions) of the CNCM. They can be implemented quickly and in any case by the end of 2022.

Crédit Mutuel Arkéa and the Crédit Mutuel de Bretagne and Sud-Ouest federations, are ready to commit to this and are eager to reach an agreement, within a framework of serious, methodical and respectful negotiation. If orderly discussions arise on the basis of these proposals, the mandate given by the Board of Directors of Crédit Mutuel Arkéa in 2018 to its executives could change. These proposals from Crédit Mutuel Arkéa were shared with the president of the CNCM.

About the Crédit Mutuel Arkéa group

The Crédit Mutuel Arkéa group is made up of the Crédit Mutuel de Bretagne and Sud-Ouest federations and their local affiliated banks, as well as some forty specialized branches (Fortuneo, Monext, Arkéa Banque Entreprises et Institutionnels, Arkéa Investment Services, Surfuture … ). It has over 11,000 employees, 2,800 directors, nearly 5 million shareholders and customers in bancassurance and has a balance sheet total of € 174.9 billion. Crédit Mutuel Arkéa is among the very first banking institutions established in the region.

Press contacts: Ariane Le Berre-Lemahieu – 02 98 00 22 99 –

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