Who'd be a French banker these days? After six months of acrimonious discussions over the parapets, Banque Nationale de Paris has failed, so far, in its ambition to subsume Societe Generale and Paribas and create the world's largest bank in terms of assets - at least before the latest news of the merger between three of Japan's banks.

Now it is down to the French banking regulator to sort out the mess created by BNP's success in wooing investors in Paribas and failure to do the same at SocGen after it produced a hostile bid for the two banks as they were busy preparing for a harmonious merger themselves.

In market terms, it is simple. Paribas goes to BNP and SocGen stands alone, albeit more vulnerable to takeover as its own plan to merge with Paribas lies in tatters.

But nothing is ever so simple in France where national pride exacts a high price in business. Any bets on SocGen climbing down from its high horse for marginally better terms?