Groupe BPCE

La Banque Postale and Groupe BPCE intend to streamline their shareholding relationships and strengthen their industrial partnerships - Seite 2

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 force until 2030, to be extended until 2035.

LBP announces its intention to acquire the 21.1% of CNP Assurances’ capital that it would not hold following the acquisition of the 16.1% stake of BPCE by filing a simplified public tender offer for the remaining minority shareholders with the French Autorité des marchés financiers.

By increasing LBP’ stake in CNP Assurances, this project would represent a new step in the creation of the large public financial group 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 group 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, 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 accelerate its ongoing diversification strategy, and to make 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 allow a simplification of its governance.

The shareholders fully trust the management team in place to drive the company’s development for the benefit of its partners and clients. They rely on the engagement of all CNP Assurances employees to pursue its success within the public financial group and across the world.

The proposed public offer project at €21.90 per CNP Assurances share (cum dividend) would be presented to the French Autorité des Marchés Financiers (AMF). In case conditions 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 by the AMF, the offer is expected to open during the first quarter of 2022.

Philippe Heim, Chairman of the Board 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 will 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 under the chair of Véronique Weill, to support an ambitious development plan alongside the broader group’s teams.