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Virement Instantané La Banque Postale Plafond

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Groupe BPCE : La Banque Postale and Groupe BPCE intend to streamline their shareholding relationships and strengthen their industrial partnerships

PRESS RELEASE
Paris, 28 October 2021

La Banque Postale and Grouping e BPCE intend to streamline their shareholding relationships and strengthen their industrial partnerships

  • La Banque Postale ("LBP") announces its intent ion to acquire CNP Assurances ' shares held by Groupe BPCE ("BPCE") and to file a simplified public tender offer with the AMF for CNP Assurances ' minority shareholders at the price of € 21.90 per share with the intention of ultimately implementing a squeeze-out if conditions are me t

  • Groupe BPCE and LBP announce entering into exclusive negotiations for the potential acquisition past Natixis Investment Managers of forty% of AEW 's capital and 45% of Ostrum Asset Management'due south capital , currently held by LBP

  • LBP and Groupe BPCE intend to strengthen and extend their industrial partnerships and existing commercial agreements

La Banque Postale , a public banking grouping , and Groupe BPCE are planning to streamline and simplify all their shareholding and industrial partnerships . As initiated by LBP, both parties hav e signed a memorandum of understanding , subject area to obtaining the necessary authorizations from the competent regulatory authorities for insurance or, as applicable, asset management activities or for merger control, and subject to piece of work s councils ' consultation procedure .

In this context, LBP and Groupe BPCE would enter into an understanding including notably the disposal past Groupe BPCE of its unabridged xvi.one% stake in CNP Assurances to LBP for a toll of €21.xc per CNP Assurances share (cum dividend), which would event in LBP property 78.9% of CNP Assurances (taking into account the prior merger by absorption of SF2 by LBP).

LBP and BPCE have besides entered into exclusive negotiations in gild to simplify their shareholding relationships. In this context, Groupe BPCE, through Natixis Investment Managers (a wholly-endemic subsidiary of Natixis), could learn minority stakes held by LBP in Ostrum (45%) and AEW Europe (40%), with the objective of owning 100% of the capital letter of these asset management companies.

The two groups have as well agreed t hat they aim to strengthen and extend their industrial partnerships.

On both industrial and commercial sides, for insurance and nugget direction activities, the two groups intend to continue their current contractual relationships for the benefit of their clients. This reinforcement of the industrial partnerships would notably outcome in the extension of all distribution and management agreements until 2030.

As office of these transactions, BPCE and LBP also wish to initiate discussions with CNP Assurances with the aim of extending the industrial partnership in savings and protection insurance, currently in forcefulness until 2030, to be extended until 2035.

LBP announces its intention to acquire the 21.1% of CNP Assurances ' capital that information technology would not concur following the acquisition of the 16 . 1 % stake of BPCE by filing a simplified public tender offering for the remaining minority shareholders with the French Autorité des m archés f inanciers .

By increasing LBP' stake in CNP Assurances, this project would stand for a new step in the creation of the large public financial grouping announced by the French Minister of the Economy and Finance on August 31, 2018. It would allow for the consolidation of a public bancassurance group, through simplification and integration of the grouping while preserving the multi-partnership and international model which has shaped CNP Assurances' success.

This project would also accelerate the integration of CNP Assurances' and LBP'due south insurance business, allowing LBP to pursue its project of transferring its IARD insurance activities (LBP Prévoyance, LBP Assurance Santé, LBP Assurance IARD and LBP Conseil en Assurance) to CNP Assurances, in order to advance its ongoing diversification strategy, and to brand CNP Assurances the sole insurer of LBP.

The proposed transaction aims at promoting CNP Assurances' development, both in its domestic and international markets, and would permit a simplification of its governance.

The shareholders fully trust the management team in place to drive the visitor's development for the do good of its partners and clients. They rely on the engagement of all CNP Assurances employees to pursue its success within the public financial grouping and across the globe.

The proposed public offer project at €21.90 per CNP Assurances share (cum dividend) would exist presented to the French Autorité des Grand archés Financiers (AMF). In instance conditions for implementation are met, the simplified public offer would be followed by a squeeze-out and delisting of CNP Assurances shares.

Discipline to obtaining the necessary regulatory approvals referred to higher up and a clearance determination by the AMF, the offer is expected to open up during the starting time quarter of 2022.

Philippe Heim, Chairman of the Board of Directors of La Banque Postale, stated: "We are delighted to write this new folio of La Banque Postale and CNP Assurances' history, alongside our historical partner Groupe BPCE. The simplification of CNP Assurances ' shareholding construction will allow united states of america to reinforce the efficiency of our bancassurance model, and to accelerate its expansion, in accord with its multi-partnership and international model. I fully trust all CNP Assurances' employees, nether Stéphane Dedeyan's leadership , and under the chair of Véronique Weill, to support an aggressive development plan aslope the broader group'southward teams.

The reorganization of our asset management activities is fully aligned with the logic of our strategic plan: to reinforce our leadership in SRI nugget direction, while all-time serving savers, clients of our retail banking network and clients of CNP Assurances life insurance contracts. Finally, the functioning offers attractive liquidity to CNP Assurances ' minority shareholders."

Laurent Mignon, Chairman of the Board of Directors of Groupe BPCE, stated: "This proposed transaction falls inside the scope of our simplification projection, engaged during the second quarter. It would allow our grouping to develop its asset direction activities, in line with our strategic objectives, through reinforcement of our participation in two of our large affiliates of Natixis Investment Managers , Ostrum AM and AEW. Past extending them, the performance is too a logical stride in our industrial and commercial partnerships with La Banque Postale and CNP Assurances, and would offering liquidity on our stake at attractive terms.
In the end , the proposed transaction will contribute to support our cooperative cyberbanking model at the service of all of our customers, through a simplified organisation, and will reinforce a historical and high quality partnership betwixt our two groups."

Investor contacts

La Banque Postale

Estelle Maturell Andino – estelle.maturell-andino@labanquepostale.fr – 01 57 75 61 79
Julien Rouch – julien.rouch@labanquepostale.fr – 01 57 75 68 27
Gabriel Beya-Tumba – gabriel.beya@labanquepostale.fr – 01 46 62 82 71

BPCE

Roland Charbonnel - 01 58 forty 69 30
François Courtois - 01 58 40 46 69

bpce-ir@bpce.fr

Press c ontacts

La Banque Postale

Victor Labrusse – victor.labrusse@laposte.fr – 01 55 44 22 42 / 06 42 27 09 77

BPCE

Christine Françoise - christine.francoise@bpce.fr - 01 58 40 46 57 / 06 23 40 31 62
groupebpce.com

About La Banque Postale

La Banque Postale group, including CNP Assurances, is a leading European bancassurer at the forefront of sustainable finance. With its diversified business model and wide range of affordable products, the Group partners with 20 million private and business customers. A subsidiary of Le Groupe La Poste, La Banque Postale offers local banking services through 17,000 contact points, including seven,600 post offices, throughout France.
The new strategic programme, "La Banque Postale 2030", is designed to support La Banque Postale's ambition to become France's favourite banking concern, thank you to an integrated, multi-channel bancassurance offer organised around three distinctive brands: La Banque Postale, for 24-hour interval-to-day cyberbanking services, Ma French Bank, for mobile cyberbanking services, and BPE, for private banking services. Every bit a community bank, La Banque Postale is fully focused on shaping a just transition to an economy and a society capable of responding to environmental, social, regional and digital challenges.

About Groupe BPCE

Groupe BPCE, with its business model as a universal cooperative depository financial institution represented by 9 1000000 cooperative shareholders, is currently the 2nd-largest banking grouping in France. With its 100,000 employees, it serves a total of 36 million customers – individuals, professionals, corporates, investors, and local government bodies – around the globe. It operates in the retail banking and insurance sectors in France via its 2 major Banque Populaire and Caisse d'Epargne banking networks, along with Banque Palatine. With Natixis, information technology likewise runs global business lines specializing in Asset & Wealth management, Corporate & Investment Banking, Insurance and Payments. Through this structure, it is able to offer its customers a comprehensive, diversified range of products and services: solutions in savings, investment, cash management, financing, and insurance. The Group's fiscal strength is recognized by four financial rating agencies: Moody's (A1, stable outlook), Standard & Poor'south (A, stable outlook), Fitch (A+, negative outlook) and R&I (A+, stable outlook).

Attachment

  • CP LBP BPCE 28102021 EN

Virement Instantané La Banque Postale Plafond,

Source: https://finance.yahoo.com/news/groupe-bpce-la-banque-postale-054300046.html

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