The discussions between Groupe BPCE and La Banque Postale, aiming at deepening and expanding their business partnership, have reached a new milestone

Combination of the asset management activities

The main principles of the contemplated combination of the Ostrum AM and La Banque Postale Asset Management (LBPAM) have now been agreed.

The contemplated combination aims at creating a European asset manager focused on insurance-related euro fixed-income management activities, with the ambition to be 100% compliant with socially responsible investing (SRI) principles. The asset management activities contributed by LBPAM would continue to be carried out in line with its own SRI standards. The combined entity, which will benefit from a cutting-edge technology and operating platform, will be able to offer quality services to the two groups’ large long-term insurance partners as well as third-party insurance clients. With more than €400bn assets under management, it would become one of the largest European players.

This long-term partnership would be organised around a joint venture with a balanced governance structure, in which Natixis Investment Managers will be a majority shareholder along with LBPAM, which itself will remain majority-owned by La Banque Postale.

Natixis Investment Managers and La Banque Postale Asset Management will pursue their discussions further. The objective is to reach a binding agreement in Q1 2020, after completion of the information and consultation procedures with the staff representative bodies of the respective entities. The completion of the transaction is subject to the usual conditions precedent to this type of transaction, notably obtaining the regulatory authorisations of the competent authorities, expected by first half 2020.

Agreements with CNP Assurances

Groupe BPCE and CNP Assurances have agreed to extend, as of 1 January 2020, the agreements entered into in 2015 between BPCE/Natixis and CNP Assurances (ADE, collective savings and health products, in particular) from 31 December 2022 to 31 December 2030.

Also starting from 1 January 2020, the change in the ADE (credit insurance) coinsurance allocation to 50-50% between Natixis Assurances (ABP Vie and ABP Prévoyance) and CNP Assurances would become effective.

This project to extend the historical agreements, which would support the multistakeholder model of CNP Assurances, was presented to the Board of Directors of CNP Assurances on this day, and was positively received. The aim is to sign the respective amendments by the end of 2019.

Shareholders’ agreement concerning CNP Assurances

Concomitantly with the combination of CNP Assurances and La Banque Postale scheduled for Q1 2020, and following the termination on 26 June by La Banque Postale of the current shareholders’ agreement relating to CNP Assurances that expires next 31 December, BPCE and La Banque Postale would enter into a new shareholders’ agreement in their capacity as shareholders of CNP Assurances, holding respective stakes of 16.11% and 62.13%. This new shareholders’ agreement would be in force until end-2030.

BPCE would thus remain represented in the Board of Directors of CNP Assurances and its specific committees.