The french entity is negotiating with the new management to retain part of the branch network. The insurer seeks to grow in the holding of life and pension companies change in the presidency of banco popular: ángel ron surrenders despite Philippines Phone Number List closing two unexpected allies crédit mutuel, the hidden one to take over banco popular “will popular invite expansión to its christmas party?” banco popular branch. Branch of banco popular. banco popular held a board of directors meeting this wednesday. Although the entity informed the cnmv that the meeting took place in a climate of "total understanding" and "absolute consensus", credit mutuel and allianz have ended up positioning themselves on the side of the 'mexican side' in the face of the new stage.
The day before yesterday was the first meeting after ángel ron accepted his resignation as president of the bank and the announcement of the upcoming appointment of emilio saracho , until now global vice president of jp morgan, as popular's number one during the first quarter of 2017. It meant for ron the definitive loss of the support of two of the main shareholders for years, the french group crédit mutuel (with 3.92% of the capital) and the german allianz (with 3.3%). A scenario that has been decisive in tipping the balance towards the project of mexican investor antonio del valle, with 4.25%. Credit mutuel had remained on the sidelines... In the weeks prior to ángel ron 's dismissal, clashes had intensified within the popular council between ángel ron's supporters and the councilors who considered that the bank required a change of management , given the financial crisis it is going through.
As reported in ecd , françois martín , general director of the crédit mutuel insurance group in spain, and, since september, proprietary director of popular representing the french entity, had remained completely outside the battle for control of the entity. The critical group was led by the mexican shareholder antonio del valle , represented on the board by jaime ruiz sacristán, independent directors such as reyes calderón and helena revoredo , and proprietary directors, such as josé maría arias mosquera, vice president and from banco pastor. … but now it is looking to grow in branches in spain the mexican antonio del valle heads popular's first private shareholding package, followed by the french bank and the insurance company allianz. Crédit mutuel is interested in growing in spain. A year ago, it obtained the license from the bank of spain for its subsidiary cm-cic bail. For this reason, it is now aligned with the mexican shareholder because it aspires, in this new stage, to keep the branches that popular must close due to the adjustment plan that it has proposed to the workforce.