French banking, particularly retail business but also investment banking, has for decades been shaped by government action. There is a division between privately-owned banks such as Société Générale and Paribas, and state-owned and mutual banks such as Crédit Agricole and Crédit Mutuel. Some regulations favour the mutual sector, such as the monopoly of distribution of the popular Livret A tax-free savings accounts held by Crédit Mutuel and the Caisses d’Epargne.
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