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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 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 toll of € 21.90 per share with the intention of ultimately implementing a clasp-out if conditions are me t
Groupe BPCE and LBP announce inbound into exclusive negotiations for the potential conquering by Natixis Investment Managers of twoscore% of AEW 's capital and 45% of Ostrum Nugget Direction's capital , currently held past 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 hav e signed a memorandum of understanding , subject to obtaining the necessary authorizations from the competent regulatory government for insurance or, every bit applicable, asset management activities or for merger control, and subject to work s councils ' consultation process .

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

LBP and BPCE have as well entered into sectional negotiations in society to simplify their shareholding relationships. In this context, Groupe BPCE, through Natixis Investment Managers (a wholly-owned subsidiary of Natixis), could larn minority stakes held by LBP in Ostrum (45%) and AEW Europe (40%), with the objective of owning 100% of the capital of these nugget management companies.

The 2 groups have besides agreed t hat they aim to strengthen and extend their industrial partnerships.

On both industrial and commercial sides, for insurance and nugget direction activities, the two groups intend to keep their current contractual relationships for the benefit of their clients. This reinforcement of the industrial partnerships would notably event in the extension of all distribution and management agreements until 2030.

As part of these transactions, BPCE and LBP too 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 larn the 21.1% of CNP Assurances ' capital letter that information technology would not agree 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 pace in the creation of the big public financial group announced by the French Minister of the Economy and Finance on August 31, 2018. It would let 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'due south insurance concern, allowing LBP to pursue its projection of transferring its IARD insurance activities (LBP Prévoyance, LBP Assurance Santé, LBP Balls IARD and LBP Conseil en Assurance) to CNP Assurances, in gild 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 identify to bulldoze the visitor'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 beyond the world.

The proposed public offer projection at €21.90 per CNP Assurances share (cum dividend) would be presented to the French Autorité des G archés Financiers (AMF). In example atmospheric 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 by the AMF, the offering is expected to open during the get-go quarter of 2022.

Philippe Heim, Chairman of the Lath of Directors of La Banque Postale, stated: "Nosotros 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 construction 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 back up an ambitious development plan alongside the broader group'south teams.

The reorganization of our asset management activities is fully aligned with the logic of our strategic programme: to reinforce our leadership in SRI nugget management, while all-time serving savers, clients of our retail cyberbanking 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 within the scope of our simplification project, engaged during the 2nd quarter. Information technology would allow our group to develop its asset management activities, in line with our strategic objectives, through reinforcement of our participation in 2 of our big affiliates of Natixis Investment Managers , Ostrum AM and AEW. Past extending them, the functioning is also a logical stride in our industrial and commercial partnerships with La Banque Postale and CNP Assurances, and would offer liquidity on our pale at attractive terms.
In the finish , the proposed transaction will 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 high quality partnership between our 2 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 thirty
François Courtois - 01 58 twoscore 46 69

bpce-ir@bpce.fr

Printing 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 40 31 62
groupebpce.com

Near La Banque Postale

La Banque Postale grouping, including CNP Assurances, is a leading European bancassurer at the forefront of sustainable finance. With its diversified business organization model and wide range of affordable products, the Grouping partners with 20 meg 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 French republic.
The new strategic program, "La Banque Postale 2030", is designed to support La Banque Postale's ambition to become France'southward favourite banking concern, thanks to an integrated, multi-channel bancassurance offer organised effectually 3 distinctive brands: La Banque Postale, for day-to-day banking services, Ma French Depository financial institution, for mobile banking services, and BPE, for private banking services. As a customs banking concern, La Banque Postale is fully focused on shaping a just transition to an economic system and a guild capable of responding to ecology, social, regional and digital challenges.

Virtually Groupe BPCE

Groupe BPCE, with its business model every bit a universal cooperative bank represented by ix million cooperative shareholders, is currently the 2nd-largest banking group in French republic. With its 100,000 employees, it serves a total of 36 1000000 customers – individuals, professionals, corporates, investors, and local regime bodies – around the world. It operates in the retail cyberbanking and insurance sectors in France via its 2 major Banque Populaire and Caisse d'Epargne banking networks, along with Banque Palatine. With Natixis, information technology also runs global business organisation lines specializing in Asset & Wealth management, Corporate & Investment Banking, Insurance and Payments. Through this structure, it is able to offer its customers a comprehensive, diversified range of products and services: solutions in savings, investment, cash direction, financing, and insurance. The Group's financial force is recognized by four financial rating agencies: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (A+, negative outlook) and R&I (A+, stable outlook).

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CP LBP BPCE 28102021 EN

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