The success of La Banque Postale is Werner

Patrick Werner does not have a reputation for being a modest. Then, in presenting its results, last month, it only has not shunned his pleasure. "The Postal Bank is the Bank that best crossed the crisis, any point of view." "We had the hollow nose: zero toxic assets, zero Madoff.". "We are serious, reasonable, own people."And cetera, et cetera. The Inspector of Finance of fifty years would be wrong to deprive himself. Since the crisis rolled through the banking world, the subsidiary of La Poste did not much talk about it. She shined by its absence in the polemics on bonuses, stock options or tax havens. It has not suffered high-profile losses on its financial assets - table would be exemplary without exposure of EUR 90 million in Lehman Brothers bonds.

Feet of nose

And, a year and a half, one that has long been nicknamed "the poor Bank" continued commercial success. More than 1 million books distributed in 2008, only 100,000 booklets transferred since the opening of the distribution, January 1, 2009. More than 380.000 accounts opened in the course of the first six months of the year, the cap of 10 million active accounts is now in sights. Real estate credit up 8, when the market dropped 30. Patrick Werner has what be jubilant: "the crisis has been a developer of greed and excesses of any kind, we, it has always been reasonable, it does not says customers trees to climb to the sky."Four years after its launch, La Banque Postale takes his revenge on the major networks - BNP Paribas, Société Générale, popular banks, Crédit Mutuel, etc - who had both fought its creation in 2005 and who were eventually obtain the trivialization of the booklet.

She even managed a few feet nose. At the height of the crisis, when all the big banks ran after the liquidity, the subsidiary of La Poste has funded its competitors on the interbank market - it must be said that it is full of resources, with its 92 billion euros of deposits customer, to 29 billion euros of loans only. When she obtained the authorization to distribute credits to use, all the bankers fought to become his partner. It finally is Société Générale who won the piece, by agreeing to pay 400 million euros to 35 in their joint venture.

Belly dancing

"Patrick Werner is on a small cloud, it has been the"Challenges", Sarkozy quote it as an example and all banks place him the belly dancing to access its 17,000 points of contact," fun a consultant.In a few weeks, La Banque Postale will therefore offer its first consumer credit. It will also start the year next in the insurance-damage with Groupama, in health insurance with the MG in Easybourse site online brokerage. And she comes to take control of the small Corporation Tocqueville Finance (see page 28). "Werner multiplied partnerships to complement the skills which were lacking in the Banque Postale, continues the same person. Now, it only lacks that something to be really happy: pass a big acquisition.

This acquisition, the patron of La Banque Postale well thought that it would be for this year. He threw his vest on palate, a specialist in the funding of SMEs for sale by the Caisses d'Epargne, for which he was ready to spend EUR 700 million. The Banque Postale add through Palatine last rope is missing its arc: the right to distribute credit to companies (it can now offer Fund facilities). But, in the position, it has been serious doubts about the quality of the portfolio of Palatine. And Bercy seemed not more convinced of the interest of the manoeuvre. "The Banque Postale does not have the skills to manage credit risks, it improvises not bank company, scoffs a source following the record.". Too want to become one bank like the others, La Banque Postale takes the risk to the same crap than others!

Pre square

The Palatine folder has thus arranged at the bottom of a drawer. At least temporarily. Two years earlier, Patrick Werner had already missed an opportunity. He had wanted to acquire the active CCR handler. But its directors were opposed to the outcome of a long session of more than twelve hours. It was after this episode that culminated tensions between the pattern of La Banque Postale and the staff of the post. Tensions which seem not completely pacified today. "Werner and Bailly are not reconciled and he becomes untenable when talking to one, to go to verify the information with the other," plague a banker.

After the failure on CCR, Patrick Werner chewed his brake. And then this Lorrain known for his pugnacity departed in combat. "He is dirty and, above all, he is not afraid of confrontation." "All that he won, he conquered it struggles", said to a framework for the position.Two years ago, "Piwi", as were dubbed internally, thus managed to bring under his wing a part of post trade facilitators and advisers. "The success of La Banque Postale is Werner." He has been an administrative service a structured Bank and he began to focus on a part of the network. He thus built his square meadow and his secret ambition is to emancipate the position. "But as Jean-Paul Bailly will be at the controls, this will not happen", find a Director of the Bank.

The Banque Postale enfranchised the position The scenario is not anomalous. For example is what happened in Germany, where the Postbank has left Deutsche Post in 2004, with 850 wickets at key, before selling to Deutsche Bank. The change in status of the job is the opportunity to put the subject on the table. The Caisse des Dépôts, who must invest 1.5 billion euros in the mother (the position), was indeed difficult to hide that she would also like to take an interest in the girl (La Banque Postale). "The question has been raised to the Executive Committee." But Bailly does not want to hear, the change in status is already sufficiently difficult to pass, slice a leader of the position. Everyone knows that the issue will return in three to five years.

Romance with the General

Behind the question of the opening of the capital of La Banque Postale lurks also of alliances. All eyes then turn to Société Générale, with which two partnerships have already been signed. "By combining the means of payment and credit conso, two core in retail banking, the Bank postal activities and the SocGen is built a common history.". The time of the marriage has not yet come, and it may never come, concedes a former of the General. But BNP Paribas well understood the threat. "In fact, Michel Pebereau and Baudouin Prot were mounted niche by learning the victory of Société Générale credit conso, from challenging the result up to Bercy. "Basically, this is the success of Patrick Werner: La Banque Postale has a mountain of challenges before it.". "But it is now more that want pity", concludes a competitor.