BPCE finalizes the acquisition of novobanco and takes a decisive step in its European strategy
BPCE announced the completion of the acquisition of 100% of the capital of novobanco, Portugal’s fourth-largest bank, from the Portuguese State and Resolution Fund and from the private equity firm Lone Star Funds. Portugal therefore becomes the Group’s second domestic market for its retail banking activities. With this acquisition, BPCE, the second-largest banking group in France and fourth in the Eurozone, strengthens its position as a leading European banking player.
Pursuant to the purchase price mechanism agreed to in the June 2025 Memorandum of Understanding and the subsequent acquisition agreements of August and October 2025, the final acquisition price as of December 31, 2025, was set at €6.5 billion, implying a price-to-earnings multiple of 7.85 based on the 2025 net profit of €828 million. With the increase in novobanco’s equity during the first four months of 2026, the total acquisition price stands at €6.7 billion as of April 30, 2026.
As the largest cross-border banking acquisition in the Eurozone in over ten years, the integration of novobanco represents a major milestone in BPCE’s Vision 2030 strategic project, supporting its ambition to grow and diversify in France, in Europe and internationally.
This transaction strengthens BPCE’s diversification strategy. On the one hand, the acquisition of novobanco increases BPCE’s exposure to the Portuguese economy — a dynamic and appealing market with solid fundamentals. On the other hand, it diversifies the Group’s interest-rate profile by increasing the share of variable-rate lending.
Now the sole shareholder of novobanco, BPCE affirms its commitment to working alongside novobanco’s teams to support the bank’s development with a long-term perspective and strengthen its capacity to finance the Portuguese economy, to the benefit of Portuguese individuals, corporates, and institutional clients.
BPCE: a long-term commitment to Portugal
Already present in Portugal through a multi-business center of expertise in Porto, Banco Primus and Oney, BPCE is taking a new step in its local presence.
With novobanco, BPCE becomes both a reference partner for financing the Portuguese economy and a major employer in the country, bringing its local workforce close to 8,000 employees. BPCE could thus position itself as the go-to-bank for Franco-Portuguese business relations.
Novobanco: a solid, high-performing bank deeply rooted in the Portuguese economy
With a long-standing and relevant role in supporting Portuguese households and businesses, novobanco is today a major player in the Portuguese banking market, with a 9% overall market share and a 14% market share among non-financial corporates, rising to 18% among medium-sized corporates. The bank operates a network of approximately 300 branches and employs around 4,100 people, serving 1.7 million clients. The bank holds a portfolio of €18.2 billion in corporate loans, €11.1 billion in mortgages and €2.7 billion in personal loans.
Novobanco has successfully completed a multi-year transformation. Today, novobanco is among the best-performing banks in Europe, with €1.6 billion in net banking income and net profit (group share) of €828 million in 2025. Its balance sheet is robust, with excess liquidity and solvency.
Together, BPCE with novobanco: an industrial project serving growth and the real economy
In the context of this new shareholding, novobanco will strengthen its capabilities and consolidate its role as a key player supporting the financing of the Portuguese economy. By joining a leading European group recognized for its strong capitalization, novobanco will benefit from enhanced growth potential. BPCE will also support novobanco’s development in retail and corporate banking by bringing the full expertise of the Group’s businesses.
For small and medium-sized enterprises (SMEs), a highly dynamic segment in Portugal, novobanco will join forces with BPCE— the leading bank for corporates in France—to support them throughout every stage of their development, from start-up to growth and succession. For larger clients, the aim is to further develop corporate and institutional activities, notably by providing access to international capital markets and supporting their strategic development.
On the retail side, BPCE will bring its proven expertise in savings, financing, insurance and private banking, and will help accelerate digital transformation to improve customer experience. Finally, BPCE will step up financing of the environmental transition for households and corporates.
Governance evolution
Novobanco will continue to operate as a locally managed bank, firmly anchored in Portugal. As part of its new shareholding structure, novobanco will remain fully responsible for implementing the strategy defined with BPCE, within the framework and under the oversight of its new shareholder.
Three new members proposed by BPCE will join novobanco’s Supervisory Board, replacing those previously appointed by Lone Star Funds.
Mark Bourke is confirmed as CEO and will report to Jacques Beyssade, Secretary General and member of BPCE’s Senior Management Committee. The team that had been preparing the integration of novobanco with BPCE will now focus on the operational implementation of the integration plan. It will be led by Olivier Delay, previously CEO of Natixis CIB Americas.
For Nicolas Namias, CEO of BPCE:
“We are happy and proud to welcome novobanco into BPCE and to strengthen our long-term commitment to Portugal. Following the acquisition of BPCE Equipment Solutions in 2025, we are demonstrating our ability to carry out major external growth transactions that strengthen our presence in Europe, in line with our Vision 2030 strategic project. I would like to extend my sincere thanks to the teams at BPCE and novobanco for their remarkable commitment over recent months, as well as to the Portuguese authorities for the trust placed in us throughout this process, which was completed on schedule.
Novobanco is a high-performing bank, deeply rooted in Portugal and widely recognized and trusted by the country’s households, SMEs and large corporates. Its positioning at the heart of the real economy is comparable to that of the Banques Populaires and Caisses d’Epargne in France; its values are closely aligned with those of our cooperative model: the primacy of the customer, a relationship-based model, and a strong commitment to serving local communities and financing the real economy.
Our ambition is to support novobanco’s development by mobilizing all BPCE’s expertise to serve its clients. Together, we will deepen our support for the Portuguese economy, recognized for its dynamism, and create sustainable value for our customers, our employees and our cooperative shareholders. This transaction is very good news for novobanco, for BPCE and for Europe’s economic and financial sovereignty.”
For Mark Bourke, CEO of novobanco:
“Becoming part of BPCE is the beginning of an important new chapter for novobanco, allowing us to build on our strategy and further enhance our role in financing the Portuguese economy.
With the backing of a leading European banking group, we will strengthen our financial capacity and expand the expertise we can bring to our clients, across both retail and corporate banking.
This journey will continue to be driven by the dedication and expertise of novobanco’s employees, furthering us in our mission to be the trusted partner to households and companies and to contribute in a meaningful and sustainable way to Portugal’s economic growth.”
BPCE and Generali to Create the Largest Asset Manager in Europe by revenues and a Major Player Worldwide
Assicurazioni Generali S.p.A. (“Generali”) and BPCE announced that they have signed a non-binding Memorandum of Understanding (“MoU”) to create a joint venture between their respective asset management operations Generali Investments Holding (“GIH”)1 and Natixis Investment Managers (“Natixis IM”). BPCE (through Natixis IM) and GIH would each own 50% of the combined business with balanced governance and control rights.
Overview of the proposed joint venture
• Creation of a major global champion, with €1.9 trillion2 in assets under management, ranking #9 worldwide by AUM, and the leader in asset management in Europe with €4.1bn in revenues3.
• Critical scale in the fast-evolving asset management market, leveraging a complementary geographical presence in France, Italy, and the United States, along with diversified expertise and a broad range of high-quality investment affiliates and teams.
• #1 in insurance asset management by AUM4 worldwide with clear pathway to further grow the platform as a global leader well-positioned to further expand in the growing third-party insurance asset management segment. BPCE and Generali would retain full authority over asset allocation decisions for their respective assets.
• Enhanced offering in private assets to meet the growing expectations of clients in these asset classes. To achieve this strategic goal, the newco would notably capitalize on the seed commitment and permanent capital provided by Generali.
• Global distribution capabilities to serve all types of client needs with innovative, diversified investment strategies and solutions.
• Potential to unlock value through a powerful combination achieved with the scope of assets brought by BPCE and Generali, a €15 billion seed money commitment from Generali, as well as via synergies and growth opportunities.
• A 50-50 co-controlled business, building upon a long-term asset management commitment by BPCE and Generali underpinned by 15-year contracts. BPCE to benefit from preferred dividend rights over 2026 and 2027, while Generali would benefit, over the same period, from the repayment tranches of a loan related to the financing of the recently announced MGG acquisition5.
• Balanced governance structure reflecting the co-control with BPCE’s CEO, Nicolas Namias, as Chairman of the Board, and Generali’s CEO, Philippe Donnet, as Vice Chairman. Woody Bradford, the current CEO of GIH, would serve as CEO of the entity, and Philippe Setbon, the current CEO of Natixis IM, as Deputy CEO.
• Unique opportunity to deliver tangible benefits for all stakeholders, including investors, retail and institutional clients, affiliates as well as employees with a clear focus on growth, innovation, sustainability and performance.
• The parties’ respective employee representative bodies will be consulted before any definitive transaction documents are signed. The closing of the potential combination would be subject to customary regulatory approvals and expected by early 2026.
Philippe Donnet, Group CEO of Assicurazioni Generali, said:
“As a leading global integrated insurer and asset manager with a clear long-term vision as a Lifetime Partner to our customers, Generali is committed to further building on the successful transformation and diversification of our Group. The creation of a joint venture with BPCE would present a unique opportunity to establish a European leader and a top 10 global asset manager building on strong roots in Italy, France and the US to serve the constantly evolving needs of our customers, led by Woody Bradford, Philippe Setbon, Nicolas Namias, and me. Our home country Italy and all other countries in which we serve our customers would benefit from an even stronger asset management platform with greater investment capabilities that deliver real benefits to the economy.
Partnering with BPCE, which shares a similar culture and operational approach, ensures ideal conditions for a smooth and successful integration path for the combined business. The joint venture marks a key milestone since the launch of Generali’s asset management business seven years ago and is testament to the significant achievements over the most recent strategic cycles. I am immensely proud of our employees’ and affiliates’ hard work over this period.”
Nicolas Namias, CEO of BPCE, said:
“Over the past 20 years, BPCE has built an exceptional asset management franchise through a multi-affiliate model that creates value for all our stakeholders, namely our clients and shareholders, Banque Populaire and Caisse d’Epargne. We are proud to have gathered a distinctive array of talent, with a unique balance of business between Europe and the United States.
Today we are thrilled to take a new step toward creating the largest asset manager in Europe and a major global player, alongside Generali, a financial institution that shares our values. Together with Philippe Donnet, Woody Bradford, Philippe Setbon and the teams at Generali Investments and Natixis IM, we would leverage our strengths in France, Italy, and the United States to innovate for our clients and transform the asset management sector.
With our Vision 2030 plan launched last June, we expressed our ambition to expand in France, Europe, and beyond. It’s very exciting to kick off a project that aligns perfectly with these goals.
Building on our recent announcement of the creation of the European leader in equipment leasing and one of the largest European payment processors, this new ambition in asset management illustrates that the dynamic of transformation and acceleration at BPCE is fully underway.”
BNP Paribas and BPCE announce their plans to create a strategic partnership in the field of payments
With this strategic partnership project, BNP Paribas and BPCE wish to take a major new step in the payments field by jointly acquiring the best technology for processing payments for card holders and merchants.This processor would handle all card payments from BNP Paribas and Groupe BPCE in Europe, accounting for 17 billion transactions, and could also be opened to other banks. It would thus be the Number 1 processor in France, both Groups share the ambition to make it one of the Top 3 processors in Europe.
Given the unprecedented development of payment infrastructures and its future prospects, it is essential to invest in a way that is commensurate with the challenges. The partnership project announced today between BNP Paribas and BPCE will respond to ongoing market developments, in particular those relating to the digitalisation of payment systems, the virtualisation of debit cards and promotion of instantaneous transactions. It strengthens the partnership which already links the two banks within Partecis for the development of payment processing software, which they intend to expand and consolidate into a reference payment processor on the market, on an international level.The partnership would result in the creation of a common processor with a technological platform (operations, back-office activities and development), capable of integrating the best technological standards for payments, the growing usage of digitalisation (acceleration of mobile payments, expansion of e-commerce, demand for immediacy) and the innovations brought about by domestic and international schemes (Carte Bancaire, Visa, Mastercard, EPI/Wero.).With 17 billion transactions from BNP Paribas and BPCE processed, this processor would be the leader in France and will rank among the Top 3 in Europe. It could also be opened to handle transactions from other banking institutions.The partnership is accompanied by an exclusive agreement between BNP Paribas and BPCE to create a target business model in the form of a joint venture.
The first generation of our collaboration in payments with BNP Paribas was a great success. With this new industrial partnership project, in line with our next strategic plan, we are taking an important step towards accelerating innovation in payments in the coming years. In this way, we will offer the best quality of service to our customers, in particular the networks Banque Populaire and Caisse d’Epargne.
Nicolas Namias, CEO of BPCE
Payment systems are an essential component of the bank’s relationship with its customers, and we must ensure they adhere to the highest possible standards. Given that the increase in card transactions is exponential, our ambition for this processor, is to create a device that is efficient and scalable across all our European locations. It is this context that demonstrates how important this joint European platform project with Groupe BPCE is, as it aims to support the acceleration of our development in payment systems.
Jean-Laurent Bonnafé, Director and CEO of BNP Paribas
BPCE’s Results for the 2nd quarter and 1st half of 2023
H1-23: Net banking income of €11.3bn, down -7% in line with expectations in light of the new interest rate environment. Very good control of expenses : -1% vs. H1-22. Net income2 : €1.5bn
Q2-23: Net banking income: €5.5 bn, expenses -3% and net income2 of €973m, -18% YoY vs. -29% in Q1-23
Group capital boosted by Q2-23 net income, CET1 equal to 15.2%3 at end-June 2023, +20bps vs. end-March
BUSINESS LINES/ACTIVITIES1
Retail Banking & Insurance: continued development of the Banque Populaire and Caisse d’Epargne retail banking networks in all customer segments, +500,000 new customers since the beginning of January 2023. Net banking income down 9% vs. H1-22 reflecting the rise in the cost of liabilities outpacing growth in the return on assets
Financing of local and regional France: 5% year-on-year growth in loan outstandings, reaching €713bn at end-June 2023
Insurance: gross life insurance inflows of €7.8bn in H1-23, premium income up 7% in non-life insurance vs. H1-22
Financial Solutions & Expertise: Net banking income up +6% vs. H1-22, driven in particular by financing activities
Global Financial Services: revenues up 2% vs. Q2-22, driven by a good performance from Natixis CIB and resilience in Asset Management in what remains a lacklustre business environment for the sector
Retail Banking: Net banking income up 7% in Q2-23 YoY, driven by diversification and expansion of the customer base. Global Markets revenues up 1% YoY, of which +44% in Equity and -15% in Fixed Income; 8% QoQ growth for Global Finance with continued dynamic development of Trade Finance, +17% in Q2-23 YoY
Asset & Wealth Management: 5% year-to-date increase in Natixis IM’s assets under management, reaching €1,127bn at end-June 2023; net inflows in H1-23 of €4.6bn excluding Ostrum AM; Net banking income down by a contained 5% vs. Q2-22, reflecting in particular the increase in the share of fixed-income assets.
P&L/CAPITAL1
Growth in expenses under tight management, down by 1% in H1-23 and by 3% in Q2-23 YoY
Cost of risk: -22% in H1-23 to €669m, or 16bps, including reversals of provisions for future risks rated Stage 1/Stage 2 and prudent provisioning for Stage 3-rated risks for a limited number of specific cases.
Capital adequacy: CET1 ratio of 15.2%3 at end-June 2023, +20bps vs. end-March 2023 linked to Q2-23-generated net income
Long-term Senior Preferred ratings maintained by Moody’s and R&I at A1 and A+, outlook stable
Nicolas Namias, Chairman of the BPCE Management Board, said: “Against a backdrop of weak economic growth and persistently high inflation, the Banque Populaire and Caisse d’Epargne retail banking networks continued to expand in all their different customer segments, attracting 500,000 new customers, while the performance of our global business lines, Natixis CIB in particular, made it possible to diversify our sources of revenues. Our Group remained deeply committed to financing and supporting local and regional France, notably with the announcement of exceptional measures in support of its customers during the most recent periods of social unrest in France.
While the financial results of our two retail banking networks remain impacted by the full effect of the rise interest paid on deposits, which began more than a year ago for regulated savings products, the higher rates of interest charged on loans is now beginning to show its effects. Our Group will consequently benefit from the new interest rate environment as of next year.
We are also continuing to prepare for the future by maintaining a strict control over our costs, which have declined over the quarter, and by pursuing a prudent risk management policy. Our capital adequacy ratios, which are already well above prudential requirements, improved still further in the 2nd quarter with a CET1 ratio of 15.2%.
Finally, with one year to go before the Olympic Games, Groupe BPCE, with all its brands, is accelerating its drive to realize its ambition to be the Bank of Sport in France by contributing actively to the operational success of Paris 2024.”
1 See note on methodology 2 Group share 3 Estimated ratio at end-June 2023
Groupe BPCE Governance
The BPCE Supervisory Board met on September 16, 2022 under the chairmanship of Thierry Cahn.
After devoting 14 years to Groupe BPCE as Chief Executive Officer of Natixis and then Chief Executive Officer of BPCE, Laurent Mignon notified the Board that he would not be seeking a new term of office and of his decision to pursue a new professional project. This change in governance will become effective by January 2023 at the latest, with Laurent Mignon continuing to serve as Chief Executive Officer of BPCE in the intervening period.
In accordance with its internal governance rules, the BPCE Supervisory Board has consequently launched a succession process for the position of Chief Executive Officer of BPCE.
Thierry Cahn, Chairman of the BPCE Supervisory Board commented: “On behalf of the Supervisory Board, I would like to thank and salute Laurent Mignon for his outstanding work within the Group these last 14 years, firstly at Natixis, which he managed to turn round and put back on a growth trajectory in line with the Group’s objectives, then as the head of the Group, by leading a transformation process with both economic and societal objectives. He will leave behind a highly solid group with the means to match its ambitions. The Group has initiated its succession process and I am highly confident in our ability to shortly designate a personality with the capabilities to ensure our Group achieves further growth in the interests of our customers, staff and cooperative shareholders, while continuing to assert our values and engagement in society.”
Laurent Mignon, Chief Executive Officer of BPCE said: “It’s with a great deal of emotion that I share this decision not to seek the renewal of my term of office, in order to commit myself to a new professional project by early 2023. All in all, I have devoted 14 years to building, transforming and developing the Group. Groupe BPCE now stands as a powerful and high-performing Group, underpinned by solid governance and the means to continue growing in the interests of the territories in which we operate in France and internationally. We owe this progress to our decentralized cooperative model that keeps us in close proximity to our customers through two powerful brands – Banque Populaire and Caisse d’Epargne – as well as to our solid expertise in our global business lines – Natixis CIB and Natixis IM – and to our dynamic approach to winning business. We also owe it to all the talented people in all our companies and to their outstanding efforts and ability to innovate. I would like to express my warm thanks to all those people – Group and Natixis board members, customers, executive managers, staff and employee representatives – who have afforded me their confidence these last 14 years and together made the Group more united, solid and ambitious than ever.”
Groupe BPCE: Jérôme Terpereau appointed Head of Retail Banking & Insurance, Member of the Management Board
Meeting of 25.03.2022 under the chairmanship of Thierry Cahn, the Groupe BPCE Supervisory Board approved the proposal put forward by Laurent Mignon, CEO of Groupe BPCE, to appoint Jerôme Terpereau, as Head of Retail Banking & Insurance, Member of the Groupe BPCE Management Board, as from June 1.
Jérôme Terpereau is currently Chairman of the Management Board of Caisse d’Epargne Aquitaine Poitou-Charentes.
He will succeed Christine Fabresse, who has been appointed to chair the Management Board of Caisse d’Epargne Provence-Alpes-Corse (CEPAC) as from May 2, 2022.
As from June 1, the Groupe BPCE Executive Management Committee shall comprise:
Laurent Mignon, CEO of Groupe BPCE;
Béatrice Lafaurie, Head of Human Resources, Member of the Management Board;
Jean-François Lequoy, Head of Finance & Strategy, Member of the Management Board;
Nicolas Namias, Chief Executive Officer Global Financial Services, Member of the Management Board;
Jérôme Terpereau, Head of Retail Banking & Insurance, Member of the Management Board;
Laurent Benatar, Chief Technology and Operations Officer;
Jacques Beyssade, Secretary General;
François Codet, Chief Executive Officer, Insurance;
Catherine Halberstadt, Head of Financial Solutions & Expertise;
Stéphanie Paix, Chief Risk Officer;
Yves Tyrode, Chief Digital & Payments Officer.
Biography of Jérôme Terpereau, Head of Retail Banking & Insurance
Jérôme Terpereau, 53, holds a Master in Economic Science and a DESS specialist degree in Management of Financial and Banking Organizations from Paris IX Dauphine University and is a graduate of France’s Economics and Banking Institute (IEB) and the Centre for Higher Studies in Banking (CESB).
Jérôme Terpereau began with Caisse d’Épargne Centre Val-de-Loire in 1991 where he occupied various finance functions, before joining the Executive Committee in 2001 as Head of Financial Management. He subsequently moved to Caisse Nationale des Caisses d’Épargne in 2003 and became Head of Financial Engineering with responsibility for local government bodies and institutions, then Chief Budget Officer.
He was later appointed to the Management Board of Caisse d’Épargne Midi-Pyrénées in 2008, with responsibility for Finance and General Functions, as well as real estate and financing subsidiaries. In 2015, he was named Chief Executive Officer of BPCE Financement.
Since 2018, he has been Chairman of the Management Board of Caisse d’Epargne Aquitaine Poitou-Charentes.
Results for the 3rd quarter and first nine months of 2021
Reported 9M-21 results: strong growth in revenues to €18.7bn (+15.5% vs. 9M-20 and +7.3% vs. 9M-19) thanks to buoyant sales momentum in all our different business lines
Net income: €3.2bn, multiplied by a factor of 3.2 vs. 9M-20
Q3-21: reported net banking income up 14.2% to €6.3bn and reported net income of €1.3bn
Very tight discipline over expenses: cost/income ratio equal to 66.9% in 9M-21
Reinforcement of our positions in Asset Management and work on streamlining our Insurance and Payments businesses proceeding on schedule
Retail Banking & Insurance: strong commercial momentum in the Banques Populaires and Caisses d’Epargne networks and in all our business lines. Revenues up by 7.5% in 9M-21 and by 7.2% in Q3-21
Loan outstandings: year-on-year growth of 6.9%, including +8.8% in residential mortgages, +5.9% in consumer credit, and +5.2% in equipment loans
Financial Solutions & Expertise: net banking income up 7.8% in 9M-21, extremely dynamic activity in all business lines
Insurance: 5.2% revenue growth in 9M-21 and 35% growth in premiums
Digital: continued rollout of digital tools for the BP and CE networks: 11.7 million active customers, +19% vs. end-2020
Global Financial Services: revenues up by 27.6% in 9M-21 and by 22.2% in Q3-21
Asset & Wealth Management: assets under management equal to €1,199bn at end-September for Natixis IM; 6 consecutive quarters of positive inflows on LT products, representing a total of €30bn over the period; net banking income up by 20.3% in Q3-21 year-on-year
Corporate & Investment Banking: strong commercial activity and continued improvement in the cost of risk; growth in Global Markets revenues including very good performance in FIC-T vs. Q3-20 (+28%); Global Finance revenues up by 20% year-on-year in Q3-21 driven, in particular, by Real Estate and Trade finance as well as Infrastructure and Energy; 40% increase in Investment Banking revenues in Q3-21, driven by the Acquisition Structured Finance and Strategic Equity Capital Markets businesses
Positive jaws effect: cost/income ratio of 66.9% over 9M-21, down by 6.3pp vs. 9M-20 and down by 3.1pp vs. 9M-19
In 9M-21, the cost/income ratio improved by 2.6pp in Retail Banking and by 9.8pp in the Global Financial Services division
Continued implementation of a cautious provisioning policy
Group cost of risk equal to €1.2bn in 9M-21, or 20bps, down by 43.7% vs 9M-20 and up by 25.2% vs 9M-19
Group cost of risk came to €342m in Q3-21, or 18bps
Very high solvency levels, above the target for end-2021
CET12 ratio: 15.8% at end-September 2021
Generation of organic CET1 ratio: 22bps in Q3-21
Rationalization3 of capital ties and strengthening of industrial partnerships with La Banque Postale
Plan to sell the 16.1% stake held by the Group in CNP Assurances to La Banque Postale (€2.4bn)
Natixis IM: plan to acquire from La Banque Postale its 45% stake in Ostrum AM and its 40% interest in AEW Europe (€240m)
Plans under study to strengthen and extend commercial and industrial partnerships in Insurance and Asset Management
Projects3 launched to streamline the Group’s organizational structure:
BPCE’s planned acquisition of Natixis’ Insurance and Payments activities proceeding according to plan
Laurent Mignon, Chairman of the Management Board of Groupe BPCE, said: “In the 3rd quarter of the year, commercial momentum was strong in all our business lines, which were able to support the projects of all our customers in this period of economic recovery. Working closely with their territories and customers, the Banques Populaires and Caisses d’Epargne once again delivered very solid growth, notably in insurance and consumer credit. Our global business lines – Asset Management and Corporate & Investment Banking – record sustained performance in their respective areas of expertise, driven by a dynamic market. Plans to simplify our organization are progressing according to schedule and the announcement of the streamlining of our relations with Banque Postale represents a complementary aspect of this initiative. More than ever, our Group is determined to continue supporting its customers throughout its local catchment areas because, for a cooperative banking Group such as ours, meeting the major challenges of the energy, digital, and societal transition is an absolute priority, at the heart of our strategic ambitions.”
1 See notes on methodology and excluding the Coface contribution2 Estimate at end-September 20213 Project submitted to the relevant social & economic committees for consultation purposes
Source: groupebpce.fr
Planned transfer to BPCE of Natixis’ Insurance and Payment businesses
As announced by BPCE and Natixis in the context of the strategic plan finalized on July 8, 2021, Groupe BPCE plans an evolution of its organisation by combining the Natixis SA’s Insurance and Payment businesses to BPCE.
This project aims to enhance the development of all Groupe BPCE’s businesses by providing them with the means to increase their strategic flexibility, accelerate their development to the benefit of their customers and their performance, by simplifying its organisation.
BPCE’s supervisory board and Natixis’ board of directors which met today unanimously approved in principle this planned transaction, it being specified that in accordance with applicable laws, only the independent directors of Natixis took part to this vote.
The employee representative bodies involved within Groupe BPCE will be consulted on this planned transaction, in accordance with applicable regulations.
The completion of this transaction would be subject to the obtention of the necessary regulatory authorisations and could occur towards the first quarter of 2022.