La Banque Postale announced Monday the opening of the simplified takeover bid for CNP Assurances, an operation presented at the end of last October and aimed at creating a large public financial center. “This is an important step in the history of La Banque Postale”, commented the chairman of the executive board Philippe Heim during a press conference. This operation responds to a “strong strategic and industrial logic”, he continued.
La Banque Postale currently holds just over 85% of the capital of CNP Assurances. If it crosses the 90% threshold by May 31, the end date of the offer, the La Poste subsidiary plans to withdraw CNP Assurances from listing. The price offered to shareholders is unsurprisingly 20.90 euros per share, i.e. that announced at the end of last October, minus one euro paid last week in respect of the dividend.
Developing CNP Assurances within a large public financial group
The bancassurance model “is a model that has been winning in France, in Europe, for 40 years”, insisted Mr. Heim, defending “a project which will allow the continued development of CNP Assurances within this large group”.
This full takeover of CNP Assurances is part of the creation of a large public financial center, a project presented by the Minister of the Economy Bruno Le Maire in August 2018. This center was created in March 2020: Caisse des dépôts has become the majority shareholder of La Poste. Its 100% subsidiary, La Banque Postale, had taken control of 62.13% of the capital of CNP Assurances. In mid-December, La Banque Postale indicated that it had acquired the BPCE group’s 16.1% stake in CNP Assurances for 2.4 billion euros, supplemented in mid-March by a block of 6.2% “at the time of filing of the draft note to the AMF”, specifies Olivier Levy-Barouch, Deputy Managing Director in charge of Finance and Strategy.
La Banque Postale claims 20 million customers, individuals and legal entities.