Francis Mayer, chief executive Caisse des Dépôts et Consignations (CDC), the French state-owned financial institution, has negotiated improved terms under which it will relinquish control of its joint ventures to Caisses d'Epargne (CE).

CDC will get double the dividend stream initially agreed from CE's regional branch network and when the deal is finalised next summer, CE will have full control of commercial bank Eulia and investment bank Ixis, which are currently jointly owned with CDC. In exchange, CDC will receive a one-off cash payment of roughly €3bn ($3.5bn).