European Commission OKs La Poste Spinoff

The European Commission said yesterday that it approved the transfer of the banking and financial business of the French post office (La Poste) to its subsidiary, Banque Postale.

All of the assets, rights and obligations attached to the financial services of La Poste will be transferred as of Jan. 1 to Banque Postale, a limited company initially 100 percent owned by La Poste.

The EC's role is to ensure that the transfer results in no advantage being conferred on Banque Postale.

“The conversion of the financial business of La Poste into a subsidiary is in itself a major step toward greater transparency in the banking sector in France,” EC competition commissioner Neelie Kroes said in a statement.

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