France's La Poste plans to purchase stake in insurer CNP Assurances: supply

PARIS (P3PWriter) – France’s La Poste is planning to purchase the stake in insurer CNP Assurances (CNPP.PA) held by state-owned funding fund Caisse des Depots although the small print of the deal are usually not but finalised, a supply near the mail firm informed P3PWriter on Thursday.

FILE PHOTO: The brand of French postal service firm La Poste is seen on a put up workplace in Paris, France, March 28, 2018. P3PWriter/Charles Platiau/File Picture

La Caisse des Depots et Consignations, or CDC, would hand over its 41 % stake in CNP Assurances in change for a stake in La Poste, which already owns a financial institution, the supply mentioned, confirming an earlier report by Les Echos newspaper.

La Poste would then merge its financial institution, La Banque Postale, with CNP Assurances to increase the vary of providers it offers.

The French authorities, which owns each CDC and La Poste, needs to construct up a state-owned firm that would supply each banking and insurance coverage providers within the nation’s rural areas which are sometimes uncared for by personal rivals.

“The concept is to go that approach,” the supply mentioned.

Particulars of the operation comparable to the dimensions of the stake CDC would maintain in La Poste are nonetheless being mentioned, he added.

La Poste already holds an 18 % stake in CNP Assurances and has a shareholders’ settlement with French personal financial institution BPCE, which additionally holds 18 %.

Les Echos mentioned prime officers at CDC would will focus on the problem subsequent week.

Officers with CNP Assurances and CDC couldn’t be reached for remark. A spokesperson with La Poste declined to remark.

Reporting by Inti Landauro; Modifying by Matthias Blamont and Alexandra Hudson

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