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4 BPCE regional banks agree to merge

Four regional banks belonging to Groupe BPCE have agreed to merge to create a larger regional group.

Members of mutualist banks Banque Populaire Atlantique, Banque Populaire de l'Ouest, Caisse Régionale de Crédit Maritime Mutuel Atlantique SC and Caisse Régionale de Crédit Maritime Mutuel de Bretagne-Normandie SC voted to create Banque Populaire Grand Ouest on Dec. 7, effective immediately. The merged entity will cater to Brittany and the Loire Valley in the west of France, and part of Normandy.

BPCE has been simplifying its group structure by merging its regional groups as it seeks to cut costs and focus on digital banking.