Stephen Pflimlin resigned the presidency of the Mutual Credit
Posted by adminCredit Mutuel said Monday the resignation of its chairman Etienne Pflimlin and its replacement by Michael Lucas, the current CEO of the French mutual bank, effective October 14.
"I decided, for personal reasons, to end my functions as president of the National Confederation of Credit Mutuel, and the Federation of Credit Mutuel Centre Est Europe," wrote Stephen Pflimlin in a statement released to the press by the Mutual Credit.
"I propose to relevant statutory bodies that Michael Lucas, currently CEO of both institutions, I followed these functions," he says.
Born in Thonon-les-Bains, in Haute-Savoie, and father of two children, Etienne Pflimlin is currently 68 years old.
Alumni of the Polytechnic School, graduated from the Institut d'Etudes Politiques (IEP) of Paris, Etienne Pflimlin, son of the former mayor of Strasbourg Pflimlin chaired the National Confederation of Credit Mutuel since 1987.
Before formalizing his resignation, a source close to the management of the Mutual Credit had confirmed to Reuters that information revealed earlier in the morning by the newspaper Les Echos.
"Yes, there is a press release that starts tonight at 18 hours, but I think I'll try to move forward," said the source had told Reuters.
Credit Mutuel, CIC's parent, announced in late July that they had formed a partnership with Casino in financial services. The agreement provides that the Credit Mutuel – CIC will take a 50% stake in the bank subsidiary of Casino.
The French bank has also entered into an agreement with Banco Popular to create a new banking platform in Spain, after which the Credit Mutuel will take 5% stake in Spanish bank.
Crédit Mutuel in 2008 also acquired the network of retail banking at Citigroup in Germany, became Targo Bank, and took control last year of the credit company Cofidis consumption.