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La Banque Postale Activer Certicode Plus

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

Printing RELEASE
Paris, 28 October 2021

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

  • La Banque Postale ("LBP") announces its intent ion to learn 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 denote entering into exclusive negotiations for the potential acquisition by Natixis Investment Managers of 40% of AEW 's upper-case letter and 45% of Ostrum Asset Management'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 cyberbanking group , and Groupe BPCE are planning to streamline and simplify all their shareholding and industrial partnerships . As initiated past LBP, both parties hav e signed a memorandum of understanding , subject to obtaining the necessary authorizations from the competent regulatory authorities for insurance or, as applicable, nugget management activities or for merger control, and subject to piece of work due south councils ' consultation procedure .

In this context, LBP and Groupe BPCE would enter into an agreement including notably the disposal by Groupe BPCE of its entire 16.ane% stake in CNP Assurances to LBP for a price of €21.90 per CNP Assurances share (cum dividend), which would result in LBP holding 78.9% of CNP Assurances (taking into business relationship the prior merger past absorption of SF2 by LBP).

LBP and BPCE accept also entered into exclusive negotiations in order to simplify their shareholding relationships. In this context, Groupe BPCE, through Natixis Investment Managers (a wholly-owned subsidiary of Natixis), could acquire minority stakes held past LBP in Ostrum (45%) and AEW Europe (40%), with the objective of owning 100% of the majuscule of these nugget management companies.

The ii groups have also agreed t lid they aim to strengthen and extend their industrial partnerships.

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

As part 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 ' uppercase that it would non hold following the conquering of the 16 . 1 % stake of BPCE by filing a simplified public tender offer for the remaining minority shareholders with the French Autorité des m archés f inanciers .

By increasing LBP' stake in CNP Assurances, this project would correspond a new step in the creation of the big public fiscal grouping announced past the French Government 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's insurance business, assuasive 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 accelerate its ongoing diversification strategy, and to make CNP Assurances the sole insurer of LBP.

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

The shareholders fully trust the management team in place to bulldoze the company'south development for the benefit of its partners and clients. They rely on the engagement of all CNP Assurances employees to pursue its success inside the public financial group and across the earth.

The proposed public offer project at €21.xc per CNP Assurances share (cum dividend) would exist presented to the French Autorité des Thou archés Financiers (AMF). In case weather condition for implementation are met, the simplified public offer would be followed by a squeeze-out and delisting of CNP Assurances shares.

Subject to obtaining the necessary regulatory approvals referred to above and a clearance decision past the AMF, the offer is expected to open during the outset quarter of 2022.

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

The reorganization of our nugget direction activities is fully aligned with the logic of our strategic plan: to reinforce our leadership in SRI asset management, while all-time serving savers, clients of our retail banking network and clients of CNP Assurances life insurance contracts. Finally, the operation offers bonny 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. Information technology would permit our grouping to develop its asset direction activities, in line with our strategic objectives, through reinforcement of our participation in two of our big affiliates of Natixis Investment Managers , Ostrum AM and AEW. By extending them, the functioning is also a logical pace in our industrial and commercial partnerships with La Banque Postale and CNP Assurances, and would offer liquidity on our stake at attractive terms.
In the end , the proposed transaction volition contribute to support our cooperative banking model at the service of all of our customers, through a simplified organisation, and volition reinforce a historical and loftier quality partnership between 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 40 69 xxx
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 forty 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 organisation model and wide range of affordable products, the Group partners with 20 million individual and business customers. A subsidiary of Le Groupe La Poste, La Banque Postale offers local banking services through 17,000 contact points, including 7,600 post offices, throughout France.
The new strategic plan, "La Banque Postale 2030", is designed to support La Banque Postale'due south ambition to become France's favourite bank, thanks to an integrated, multi-channel bancassurance offer organised around 3 distinctive brands: La Banque Postale, for day-to-day cyberbanking services, Ma French Bank, for mobile banking services, and BPE, for private banking services. Equally 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 concern model as a universal cooperative bank represented past 9 million cooperative shareholders, is currently the 2nd-largest cyberbanking grouping in France. With its 100,000 employees, it serves a full of 36 meg customers – individuals, professionals, corporates, investors, and local authorities bodies – effectually the world. It operates in the retail banking and insurance sectors in French republic via its ii major Banque Populaire and Caisse d'Epargne banking networks, along with Banque Palatine. With Natixis, it too runs global business organisation lines specializing in Asset & Wealth direction, Corporate & Investment Banking, Insurance and Payments. Through this structure, information technology 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'south (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (A+, negative outlook) and R&I (A+, stable outlook).

Attachment

  • CP LBP BPCE 28102021 EN

La Banque Postale Activer Certicode Plus,

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

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