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 Groupe BPCE intend to streamline their shareholding relationships and strengthen their industrial partnerships

• La Banque Postale ("LBP") announces its intention 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 met
• Groupe BPCE and LBP announce entering into exclusive negotiations for the potential acquisition by Natixis Investment Managers of 40% of AEW’s capital and 45% of Ostrum Asset Management’s 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 group, and Groupe BPCE are planning to streamline and simplify all their shareholding and industrial partnerships. As initiated by LBP, both parties have signed a memorandum of understanding, subject 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 works councils’ consultation process.

In this context, LBP and Groupe BPCE would enter into an agreement including notably the disposal by Groupe BPCE of its entire 16.1% 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 account the prior merger by absorption of SF2 by LBP).

LBP and BPCE have 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 by LBP in Ostrum (45%) and AEW Europe (40%), with the objective of owning 100% of the capital of these asset management companies.

The two groups have also agreed that 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 current contractual relationships for the benefit of their clients. This reinforcement of the industrial partnerships would notably result in the extension of all distribution and management agreements until 2030.