CECEIComité des Établissements de Crédit et des Entreprises d'investissement
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These agreements are conditional upon the approval of the CECEI (Banque de France).
Subject to the approval of the CECEI (Banque de France) and the Direction du Tresor (in its capacity as insurance regulator), HSBC's offer will be made to shareholders of CCF on the following bases:
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.