Caisse des Dépots et Consignations (CDC) and Caisse Nationale des Caisse d'Epargne (CNCE), the French banking groups, have launched Eulia, their banking joint venture, with ambitious plans for cross-border expansion and consolidation in Europe.

Eulia is the result of the announced merger of the two groups' banking assets in June. It creates the third largest banking group in France by its equity of €17.7bn ($15.8bn), and will form one of three main national champions in French banking, along with Crédit Agricole and BNP Paribas. The three groups are expected to form the core of consolidation in the French banking industry.