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François Villeroy de Galhau will be the next Chairman and CEO of Cetelem

François Villeroy de Galhau (44) will be named Chairman of Cetelem, Europe's leading provider of consumer credit and a BNP Paribas subsidiary. He will replace Marc Mangez (61), Chairman of the Management Board, who is now retiring.

Cetelem is taking this occasion to reconfigure its management bodies. It will switch from its current organization of Management Board and Supervisory Board to a system with a Board of Directors and a Chairman and CEO. In his capacity as Chairman and CEO, Mr. Villeroy de Galhau will be assisted by Bruno Salmon (54), who will be named Chief Operating Officer.

One of the spearheads in BNP Paribas's European growth strategy, Cetelem was founded 50 years ago. Having grown to #1 in France's and Europe's consumer credit market and implemented an original strategy based on its own marque, partnerships with distributors and other banking networks, and innovation in the area of credit cards, Cetelem has now a presence in 20 countries and employs more than 9,000 persons, more than half of whom work outside France.

Under the chairmanship of Mr. Mangez, Cetelem achieved particularly strong growth, especially outside France, with the opening of 15 new countries since 1995. In addition, Mr. Mangez successfully managed Cetelem's integration within BNP Paribas while maintaining its identity, its culture, and the pioneer spirit it inherited from its founder, Jacques de Fouchier.