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Philippe Lagayette named Chairman of J.P. Morgan in France.

NEW YORK--(BUSINESS WIRE)--July 20, 1998--J.P. Morgan today announced that Philippe Lagayette has joined the firm as chairman of its French affiliate, J.P. Morgan & Cie S.A., and its senior executive in France.

"We are extremely pleased to welcome Philippe Lagayette to our firm," said Walter A. Gubert, vice chairman of J.P. Morgan and head of its global Investment Banking group. "His broad experience and depth of expertise will be of enormous value to our clients."

Mr. Lagayette, 54, is one of the most prominent financial executives in France. He is the immediate past chief executive officer of Caisse des Depots et Consignations, the state-controlled financial group, and he previously served as deputy governor of the Banque de France Banque de France

National bank of France, created in 1800 to restore confidence in the French banking system after the financial upheavals of the revolutionary period. Napoleon was one of its founding shareholders.

"I am very much looking forward to joining J.P. Morgan, a firm that I have known well over the years and which has a distinguished history in France," said Mr. Lagayette. "Morgan is unique in that it has both a long presence in the French market and the capabilities of a leading global investment bank. It is exceptionally well positioned to help French clients achieve their strategic goals."

"The appointment of Philippe Lagayette underscores Morgan's commitment to the French market and our drive to continue our strong momentum with French clients," Mr. Gubert continued. "French companies are redefining the European commercial landscape and J.P. Morgan - more than any other firm - can help guide them through these challenges."

Jacques Aigrain, who has headed Morgan's business in France since 1996, will be responsible for the firm's North America Advisory business and will co-manage its global M&A business. Based in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, Mr Aigrain will continue his oversight of the global healthcare and chemicals industry group.

"Jacques Aigrain is one of our most talented and experienced investment bankers and he has provided excellent leadership as head of our Paris office," Mr. Gubert said. "Jacques has a strong record of building client relationships and completing significant transactions, including several landmark transactions such as the merger of Ciba-Geigy and Sandoz, and it is this expertise that we now seek to apply on a global basis to serve our clients."

J.P. Morgan is a global financial firm that meets critical financial needs for business enterprises, governments, and individuals through an integrated range of advisory, financing, trading, investment, and related capabilities.

Notes to editors:

Philippe Lagayette

Philippe Lagayette is Chairman of J.P. Morgan & Cie S.A. and head of the firm's business in France. He is the immediate past chief executive officer of Caisse des Depots et Consignations.

He began his career in the office of the Inspector General Office of the Inspector General (or OIG) is a common sub-agency within cabinet-level agencies of the United States federal government and serves as auditing and investigative arm of the agency's programs focused on identifying waste, fraud and abuse.  of Finances and served in the Treasury department of the Ministry of Finance in the 1970s. In 1981 he was appointed Cabinet Director of the French Economic and Finance Ministry. He joined the Banque de France as deputy governor in 1984. In 1992 he was appointed to head Caisse des Depots et Consignations, where he served until December 1997.

A French citizen, Mr. Lagayette, 54, was educated at Ecole Polytechnique and ENA ENA Ecole Nationale d'Administration (French)
ENA Emergency Nurses Association
ENA Energy Networks Association (Australia)
ENA Ethiopian News Agency
ENA Energetic Neutral Atom
, the French senior civil service school. He was named to the Ordre National de la Legion d'Honneur in 1988 and the Ordre National du Merite in 1993.

He is President of the Institut des Hautes Etudes Scientifiques (IHES IHES Institut des Hautes Études Scientifiques (Institute of Advanced Research in Mathematics and Theoretical Physics in France)
IHES International House Eastern Spain (Barcelona, Spain) 
), specialised in research in mathematical and theoretical physics in Bure sur Yvette.

J.P. Morgan

J.P. Morgan is the pre-eminent international investment bank in France, having established its operations in Paris in 1868. The firm is a leading advisor to the French government on privatizations, a top-ranked advisor on mergers and acquisitions for French companies, an innovative arranger of debt and equity financing Equity Financing

The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation.
, and the foremost international asset manager for French institutions and individuals.

Advisory / M&A

In mergers and acquisitions, J.P. Morgan has distinguished itself for both its deep knowledge of the French market and its excellence in executing complex assignments. Morgan is also known for the objectivity of its analysis and an unwavering dedication to clients.

Recently Morgan advised on the following publicly announced transactions in France:

-- Alcatel Alsthom on the acquisition of a minority stake in Thomson

CSF Cerebrospinal Fluid (CSF) Analysis Definition

Cerebrospinal fluid (CSF) analysis is a laboratory test to examine a sample of the fluid surrounding the brain and spinal cord.
 (value not determined)

-- Casino on the evaluation of bids by Promodes and Rallye (value

$5.2 billion)

-- GAN on the sale of a 67% stake in Union Europeenne de CIC CIC

circulating immune complexes.

CIC Circulating immune complexes. See Immune complexes.

Credit Mutuel (value $2.2 billion)

-- GECC GECC General Education Core Curriculum
GECC General Electric Credit Corporation
GECC Group Enabled Cluster Compiler
GECC Geelong Ethnic Communities Council
GECC Glen Ellyn Children's Chorus (Glen Ellyn, Illinois) 
 on the acquisition of UIS (graphics, programming) UIS - A VMS graphics programming interface package for VAXstations.  from GAN (value approx. $655


-- Pinault Printemps Redoute on the acquisition of a 47.5% stake in

Brylane (value $494 million)

-- SIPDT (jointly owned by Maus Freres and La Chemise Lacoste) on

the acquisition of Devanlay S.A. (value $480 million)

-- Suez Lyonnaise ly·on·naise  
Cooked with onions: lyonnaise potatoes; potatoes lyonnaise.

[From French (à la) Lyonnaise, (in the manner) of Lyon, from Lyon.
 des Eaux and SITA on the acquisition of assets Acquisition of assets

A merger or consolidation in which an acquirer purchases the selling firm's assets.

from Browning-Ferris (value $1.4 billion)

-- Michelin-Mutuelles du Mans on the sale of BIMP BIMP Be in My Paradise (song, Bemani)
BIMP Batch Image Processor
BIMP Brunei Darassalam Indonesia Malaysia the Philippines (ASEAN) 
 to Banque

Internationale du Luxembourg (pending).

Market activities

J.P. Morgan is an important player on the French bond market. It was the first foreign bank to be designated primary dealer for French Treasury Bonds in 1986; this status was reconfirmed in April 1998. J.P. Morgan was also designated primary dealer for French Public Agency Bonds in 1991. J.P. Morgan was also the first foreign bank to be authorized by the Treasury Department of the French Ministry of Finance to manage a French bond issue in 1994. In 1997, J.P. Morgan was ranked first among foreign banks as to volume of issues in Euro-Francs. In particular, it introduced the concept of "parallel bonds" to the French market and promoted the liquidity of this market by lead-managing issues for governments such as Republic of Austria and the Kingdom of Belgium. J.P. Morgan also has a strong derivatives presence with institutional investors and French companies.

Morgan is known for its innovation in the capital markets. One recent example was a January 1998 transaction in which Morgan led a $500 million transaction for Coface, the French export credit agency Export Credit Agency

An agency established by a country to finance its nation's goods, investment, and services, often offers political risk insurance.
, that was the first-ever securitization of Poland's debt obligations under the Paris club Paris Club

A monthly meeting in Paris attended by creditors of 19 countries to discuss debt issues. Among other things, the Paris Club addresses the issue of coordinated debt relief for developing countries that cannot service their debt.

Morgan was named "Best Foreign Bank in France" for the past two years by Euromoney magazine, and was named "French Franc Bond House of the Year" by International Financing Review for its strength in the French capital markets.


J.P. Morgan has played an active role in the French stock market. In particular, it co-managed the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard.  and the secondary stock offering for Dassault Systemes. It also co-managed the placement of a 40% stake of the SCOR SCOR Scientific Committee on Oceanic Research
SCOR Supply Chain Operations Reference model
SCOR Small Corporate Offering Registration
SCOR Specialized Center of Research (White Plains, NY)
SCOR Second Cousin Once Removed
 corporation and its listing in the United States, co-managed the placement of convertible bonds for Assurances Generales de France (AGF AGF Assurances Générales de France
AGF Army Ground Forces
AGF American Growth Fund (mutual fund)
AGF American General Finance
AGF Arbeitsgemeinschaft der Grossforschungseinrichtungen
AGF Anatomic Gift Foundation
AGF Assume Good Faith
), and lead-managed the block trade of a 3% stake of Valeo and a 14% stake of Cap Gemini for CGIP CGIP Computer Graphics and Image Processing
CGIP Commanding General's Inspection Program
 (Compagnie Generale d'Industrie et de Participations).

Asset Management

Morgan is one of the world's largest asset managers, with $300 billion under management, and the French market is an important part of the firm's strategy.

In March 1998, J.P. Morgan announced an asset-management agreement with Banques Populaires the first alliance between a major French banking group and a leading international asset manager. The agreement calls for Morgan to manage international mutual-fund assets distributed by the Banques Populaires retail network and for the two companies to jointly develop solutions for corporate retirement-savings programs being established by French companies.

Morgan sees strong growth potential in France for both mutual funds and corporate retirement savings plans, and the agreement is an important step toward becoming the leading retirement fund manager in Europe by forming alliances with leading European investment firms.

    CONTACT:  J.P. Morgan:
               Joseph Evangelisti (New York), 212-648-9589
               Eileen Darko (London), 171-325-5755

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Publication:Business Wire
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Geographic Code:4EUFR
Date:Jul 20, 1998
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