The French Minister of Economy grants phase I clearance to a merger in the market for property services without remedy (Banque Federale des Banques Populaires / Foncia)

In his decision dated 26 March 2007, the French Minister granted a clearance to the acquisition of sole control of Foncia Groupe by Banque Fédérale des Banques Populaires (“BFBP”). BFBP, which is controlled by 19 Banque Populaire regional banks, CASDEN Banque Populaire, and Crédit Coopératif, is the central institution of Groupe Banque Populaire. BFBP has the status of a creditinstitution. Foncia Groupe is mainly active in property administration and transactions concerning properties for residential use. It is also present in the property valuation and insurance brokerage services sectors. Foncia Groupe's activities include property services, such as rental management, technical management, property dealing mediation (for sale and rent), and property-related services, including