CECEIComité des Établissements de Crédit et des Entreprises d'investissement
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Back in July, they said that they would only accept BNP's bid for SG if it received support from more than 50% of shareholders, and in the case of BNP gaining less than 50% they would insist on the banks reaching a "clear and concerted solution," to be approved by CECEI.
If, however, this is not successful, CECEI will have the onerous task of deciding whether it should allow BNP to keep its stake, thereby indirectly giving its blessing to the ultimate creation of major league French banking group, or whether it should make BNP give up its stake in SG.
Should the CECEI take the latter option, SG will find itself back at square one: independent, solid, and still a significant player in European banking.