BNP Paribas and CCF, the French banking subsidiary of HSBC, stand ready to defend Galeries Lafayette, the flagship Paris-based retailer, from a mutual bank believed to be stalking the company.

A source said Crédit Mutuel, a privately-held French mutual bank which last month acquired a 15.6% stake in Galeries Lafayette, has requested a meeting with the department store group's management before their next scheduled meeting in May.