But the folder does not appear abandoned so far

The decision fell earlier than expected. While the last three candidates had handed over their copy by late February, La Banque Postale finally chose Groupama as partner in damage insurance, preferring instead to Generali and GMF. The banking subsidiary of La Poste said yesterday be into "exclusive negotiations" with the Green insurer. The signing should take place "before the end of the year", thus putting a final point to selection process, initiated June 20, 2008, which will have attracted all the major actors in the French market. The Banque Postale plans to distribute its first auto, home and current 2010 legal protection insurance.

The subsidiary of La Poste will be majority in the joint venture, which it will hold 65, the remaining 35 returning to Groupama. As for the joint venture created with Société Générale in credit to the consumer (read box below), it is Groupama which will provide own funds, the Postal Bank valued its participation through intake and access to its network.

The Green insurer will thus pay the very access to the some 17,000 price post agencies. To justify his interest in the record, Jean Azéma, CEO of Groupama, explained the "echoes" in November that the two networks were complementary. "For us, such a partnership offer potential for development in urban areas and complementarity in terms of customer", insisted then ("Les Echos" of November 26, 2008).

"An entirely new model."

For his part, Patrick Werner, the patron of La Banque Postale, said he wanted to build "an entirely new model." "We will create a truly multichannel society, relying on networks as in all alternative channels, which provides the best quality of service, not only for compensation but also services, and act in accordance with the values of La Banque Postale," he said.

It also covers "a level of costs among the lowest in the market." In this regard, the recent launch of the insurer in line Amaguiz played for Groupama. The group released these days first sales figures of its Internet affiliate, which has marketed 13,000 insurance auto since October. "The project of Groupama was based largely on Amaguiz, which works with management costs very low." "This has allowed to make a difference," said a close source of the two groups.

In addition, La Banque Postale said always interested in the redemption of Bank Palatine that the Caisse d'Epargne has sales late last year. "Palate is strategically interesting for La Banque Postale.". "Financially, under certain conditions", said Patrick Werner. "We have not tabled an offer because the data are not sufficiently documented on accounts 2008 and some shadows," he added.

But the folder does not appear abandoned so far. The Banque Postale wants to develop in the credit business, that it is not authorized to distribute at this time. This would keep in its balance of the funds collected on the Livret A and the LDD. The subsidiary of the post would be willing to pay between 700 and 800 million euros to take control of Palatine, lean of his participation in Eurosic and Cicobail.