The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
115 jobs Number of planned job losses
Announcement Date
6 July 2005
Employment effect (start)
Foreseen end date
Description
The merger between Crédit Agricole Normand and the Crédit Agricole du Calvados gave rise to the new structure Crédit Agricole de Normandie. Management began negotiation in 2003 and decided on the merger on 6 July 2005. The new structure will employ 2,300 employees in 190 agencies. Headquarters will be located in Caen and two others sites based in Alençon and Saint-Lô will regroup 10 operational directions. The main objective is to improve investment capacities and modernize the network of agencies. The suppression of 115 jobs until 2009 is foreseen but without direct dismissals.
Sources
6 July 2005: Les Echos
7 July 2005: Les Echos
Citation
Eurofound (2005), Crédit Agricole de Normandie, Merger/Acquisition in France, factsheet number 61970, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61970.
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