Jean-Paul Bailly will did not last the suspense. Without waiting for the Supervisory Board of the month of March, the President of the post decided Thursday not to renew the mandate of Patrick Werner at the head of La Banque Postale. A special Council of the first branch of the public group will meet Tuesday, January 18 to formalize its replacement by Philippe Wahl, current boss of the French subsidiary of Royal Bank of Scotland.
After planned to appoint a Director General, Jean-Paul Bailly however chose not to alter the governance of La Banque Postale immediately. Its Board of Directors will remain limited to two men: Philippe Bajou, who worked from the beginning of the years 2000 to the creation of the Bank subsidiary, will now team with Philippe Wahl which, once implemented, will decide whether to him a third man. In the meantime, the maintenance of this configuration may feed the theory that they are notoriously difficult relations with Jean-Paul Bailly which precipitated the departure of Patrick Werner. In the position, no one doubts in case its balance sheet, but "a new step opens for La Banque Postale, a dynamic commercial and marketing with the La Poste network and all of its trades, justifies a close source of the public group. "In a regulatory environment more binding and cope with the competition to which face, banking and logistical activities two very different trades, but based on the identity of the position, the cohesion of the group is more necessary than ever," she concludes.
Known for its independence
To address this new phase, very exclusive management of Patrick Werner, that Marvel during the "start-up" of La Banque Postale, most seemed suited to Jean-Paul Bailly. The banking subsidiary of La Poste constituting in effect the centrepiece of the development of the public group - it should provide three quarters of the result of operation of its parent by 2015 - its President visibly determined that it was not question to let the hand of a man known for his independence. Strengthened its own position in December, the Chairman of the post therefore preferred to experience Patrick Werner, confidence in Philippe Wahl.
The two men are known in the years 2000, when Philippe Wahl was General Manager of the savings and sitting with Jean-Paul Bailly at the Board of Directors of CNP Assurances. The latter had subsequently entrusted two successive missions through the creation of La Banque Postale. It was also he who had designed the current governance of the Bank subsidiary of La Poste to dock it in the public group.
It is with this same philosophy that Philippe Wahl must first finalize the strategic plan of La Banque Postale. In December, the version of Patrick Werner indeed was judged too disconnected development post plan. This project is to draw the transformation of le Petit Poucet banking establishment like other that now have the full range of products and financial services. "In a context of increased competition, Philippe Wahl will bring a new and extensive experience in the field of retail banking including", said the post. In particular, he will have to significantly reduce the coefficient of operation of La Banque Postale, high 86.6 in 2009. For the record, giving the green light in November 2005 at its inception, the authorities had demanded that this ratio does not exceed 74.5 in 2010.
Philippe Wahl will also have to complete the negotiations on the terms of an agreement of refinancing of Dexia, for which his predecessor had little enthusiasm. This position would not precipitate his departure but good knowledge Philippe Wahl of the Caisse des dépôts, current shareholders of the Franco-Belgian Bank and future of La Banque Postale, should facilitate an agreement.