France: EIB and La Banque Postale sign new partnership including a €600 million refinancing package
Partners on major regional projects like the rollout of superfast broadband, infrastructure construction and renewable energy since 2015, La Banque Postale and the European Investment Bank (EIB) renewed their cooperation for a further three years today.
They signed a new €600 million refinancing package.
With its two separate funds, this package is intended to finance:
The energy and climate transition with small and medium-sized onshore wind and solar photovoltaic projects, mainly in France, targeted at private companies, small and medium-sized enterprises (SMEs), mid-caps and special purpose vehicles. These investments of less than €50 million each from an overall allocation of €400 million will make it possible to deploy around 649 MW of renewable electricity generation capacity.
Rail and sustainable mobility, with the goal of financing infrastructure and public transport with an allocation of €200 million. This initiative targets rail modernisation, renewal and development projects and urban mobility in France and other European countries (purchase and refurbishment of freight and passenger rail rolling stock, electric buses, trams, metro trains, etc.). These investments aim to develop sustainable transport and modal shift to limit the use of passenger cars and promote clean transport in France.
The signature of these financing packages makes it possible to target specific markets or elements. They are aimed in particular at asset and project financing and the creation of special purpose vehicles, unlocking long-term financing (over 20 years) with attractive interest rates. La Banque Postale has three years to allocate the funds.
“The new partnership between La Banque Postale and the EIB aims to support French companies’ transformation projects by financing mobility and the energy transition on privileged terms. The €600 million dual package will support the implementation of major sustainable projects in our regions, in line with our commitment to be a citizen bank,” said La Banque Postale’s Managing Director of Corporate and Investment Banking Serge Bayard.
“We welcome this new partnership between the EIB and La Banque Postale to make it easier for companies to access financing for key projects for the energy transition and the fight against climate change by cutting greenhouse gas emissions. Together with our partner banks in France, we support the granting of loans to promote companies’ investment in renewable energy, clean transport and energy efficiency. This is a key priority for the EIB as the EU climate bank, and this innovative financing arrangement with La Banque Postale will help,” explained EIB Vice-President Ambroise Fayolle.
France – Motor insurance: Towards the removal of the green sticker
Originally announced in September 2022, the green sticker, the insurance certificate affixed to all French vehicles’s windshields, will be removed as of 1 April 2024.
Compulsory since 1986, this formality will now be replaced by a file of insured vehicles (FVA), directly accessible to police officers and gendarmes during vehicle checks.
For France Assureurs, the elimination of paper documents and the verification of insurance via the FVA will play a major role in the fight against fraud and contribute to the ecological transition.
Despite the removal of the green sticker, underwriting a motor insurance policy is still compulsory in France.
Swiss Re enters partnership with BlaBlaCar and L’olivier Assurance to launch innovative digital motor product in France
Swiss Re joins forces with global leader in alternative mobility and motor insurance specialist to advance innovation in the French mobility market
Launch of BlaBlaCar Coach, an innovative app that offers drivers personalised coaching and tips for safer driving and is available with car insurance
By combining their expertise and leveraging cutting-edge technology, the partners aim to make roads safer and mobility more sustainable
Swiss Re has entered into a partnership with BlaBlaCar, the world’s leading community-based travel platform, and motor insurance specialist L’olivier Assurance, the French branch of Admiral Group. The partnership has enabled the creation of BlaBlaCar Coach, an innovative smartphone app that offers drivers personalised coaching and tips for safer driving and is available with an annual car insurance. This collaboration will advance innovation in the French mobility market, with the aim of improving road safety and making mobility more sustainable.
According to the French Road Safety Observatory, more than 70 000 people were injured in road traffic accidents in France and more than 3 200 lives were lost in 2019, with one in five victims being under 25 years of age1. Besides the tragedy of seeing lives curtailed, road accidents cost the French economy about 2% of its gross domestic product (GDP).
The partnership announced today has enabled the creation of BlaBlaCar Coach, an innovative smartphone app that offers drivers personalised coaching and tips for safer driving. Powered by Coloride, Swiss Re’s cutting-edge technology for driver coaching and assessment, the BlaBlaCar Coach app can be activated when a new driving journey starts. The app then analyses the driver’s conduct at the wheel, including phone usage and other distractions, without any additional equipment having to be installed. At the end of the ride, the app provides the driver with recommendations to develop a safer driving style. The solution is an essential tool for drivers seeking to improve their driving behaviour and contributes to making roads safer.
The BlaBlaCar Coach app is available with a co-branded annual car insurance named “BlaBlaCar Assurance par L’olivier“. Thanks to this, the product also leads to insurance savings for users.
Partnering for a safer and more sustainable future
Swiss Re’s vision to make the world more resilient matches with BlaBlaCar’s long-term ambition to improve road safety and reduce the environmental costs of transportation. The digital brand L’olivier Assurance was the perfect fit for this partnership. Over the years, the company has built a reputation in the market for delivering quality products at competitive rates and a track record of superior customer service. It combines agility and digitalisation expertise to deliver an unmatched customer experience to those seeking to purchase insurance.
Walter Eraud, CEO France, Belgium and Luxembourg at Swiss Re, said: “We are delighted to have the privilege to initiate this collaboration with the global leader in alternative mobility, BlaBlaCar, and an insurance partner of the calibre of L’olivier Assurance. The powerful combination of BlaBlaCar’s mobility tech expertise and reach, L’olivier Assurance’s ability to devise an attractive motor product and Swiss Re’s superior scoring and analytics capabilities have the potential to transform this important segment of the motor industry. We are excited about the product launch.“
Nicolas Brusson, co-founder and CEO of BlaBlaCar, said: “With millions of people in our community sharing cars and buses every day, BlaBlaCar has a responsibility in making the road a safer place. We have always leveraged technology to transform the way people travel. Creating a new and improved driving experience, the BlaBlaCar Coach app, together with its insurance offer, is a way to put Swiss Re and L’olivier Assurance’s expertise into practice at the service of drivers. Every driver engaged in this process will have a direct impact on their own safety and savings, and, at a larger scale, an even bigger impact on road safety and sustainability.“
Pascal Gonzalvez, CEO France at L’olivier Assurance, said: “At L’olivier Assurance, the client is always at the heart of everything we do. That is why we are very proud of joining forces with BlaBlaCar and Swiss Re for the launch of a novel and innovative product that responds to the market needs with a sustainable approach that is also good for our planet.“
1 Figures for mainland France, without overseas territories. Source: National Interministerial Road Safety Observatory, Road Safety 2019 – Results.
Gasum obtains LNG distribution license in France
The Nordic energy company Gasum has obtained a distribution license for liquefied natural gas (LNG) on the French market. This is a move to further expand the outreach of its maritime LNG offering.
Gasum is pursuing a strategy of expanding the geographic outreach and quality of its maritime liquefied natural gas (LNG) offering. The company seeks to further improve the service to its shipping customers. As part of this strategy, Gasum has now obtained a license to deliver maritime LNG in France, allowing it to add French ports and waters to its supply network.
The new LNG distribution license obtained on the February 17, 2021 will allow Gasum to deliver to maritime customers in France and to offer LNG, a cleaner shipping fuel, to a larger number of customers. In addition, the license will improve the geographic availability of LNG to more areas and ports.
Jacob Granqvist, Vice President at Gasum, welcomes this addition: “Obtaining this licence marks another milestone in our quest to increase the outreach of our maritime LNG deliveries. It underlines Gasum’s commitment to act as a reliable European maritime LNG supplier.”
LNG is the cleanest marine fuel available and is rapidly becoming more common as a cost-effective alternative. Compared with heavy fuel oil, LNG has significantly lower CO2 emissions, and almost non-existent particle emissions. Switching to LNG is one of the concrete actions that will take us towards cleaner maritime transport and a low-carbon society going forward.
France: Banque des Territoires launches S’GREEN+ with the support of the EIB and the European Investment Advisory Hub
With the backing of the European Investment Advisory Hub set up by the European Commission and the European Investment Bank (EIB), Banque des Territoires is launching “S’GREEN+”. This development aid initiative will provide 25 cities participating in the City Centre Action programme with operational support as they roll out their climate change adaptation projects.
S’GREEN+ is endowed with €715 500, of which €500 000 is provided by the European Investment Advisory Hub under the Investment Plan for Europe. The remaining €215 500 is provided by Banque des Territoires. The operational management of S’GREEN+ will be handled by Banque des Territoires as part of its City Centre Action programme.
This project aims to strengthen the partnership struck between Caisse des Dépôts and the EIB in 2013 while also building on their cooperation, initiated in 2016, in providing technical assistance via EIAH[1].
This initiative consolidates the commitment of Banque des Territoires and the EIB to the European Green Deal, whose goal is to turn the European Union into the first economy with net-zero greenhouse gas emissions by 2050. Its objective is to boost public and private investment volumes in climate change adaptation projects along with initiatives for preserving or restoring biodiversity in medium-sized cities, which play a major role in the fight against global warming. These include projects for restoring watercourses to their natural states, creating biodiversity spaces or limiting urban sprawl.
Under S’GREEN+, a task force supervised by Banque des Territoires will work with around 25 municipalities already benefiting from the City Centre Action programme. This team will provide each city with bespoke support for prioritising projects, taking decisions and organising financing (identifying sources of funding, tightening up investment plans, etc.). This support will result in a specific action plan for each municipality, listing the projects identified as priorities and outlining the steps to be taken to implement them. All the work carried out by the task force will be uploaded to an online digital library accessible to all to help share experience with other communities both within France and throughout the European Union.
The agreement was signed on 7 December 2020 by Eric Lombard, chief executive of Caisse des Dépôts, and Ambroise Fayolle, vice president of the EIB, and is due to last for a period of one year.
According to Eric Lombard, chief executive of Caisse des Dépôts, “this initiative is the result of the strong and supportive cooperation between the Caisse des Dépôts group and the European Investment Bank as they join forces to protect the environment. The ecological transition is the major goal of our recovery plan. Banque des Territoires is therefore using its recognised expertise in technical assistance and investment to provide regions with on-the-ground support.”
“This is the second such financing agreement between the EIB and the CDC, which is a strong sign of our excellent cooperation. This agreement provides an answer to French municipalities’ need for advisory support when identifying and preparing projects that will allow them to meet the challenges posed by climate change,” said Ambroise Fayolle, EIB vice president. He added, “The EIB, as the climate bank, is pleased to support this agreement which demonstrates our commitment to working with our national partners – and the CDC is a key partner for the EIB in France – to stimulate sustainable investment in the heart of the regions.”
European Commissioner for the Economy, Paolo Gentiloni, said: “Thanks to a grant by the Investment Plan for Europe’s Advisory Hub, Banque des Territoires will be able to deliver targeted support to 25 cities in France to help them adapt to climate change. This agreement is an important sign of our support to cities, which are hubs for innovative ideas and have an important role to play in making the green transition a success story.”
Lemonade Launches in France in Its Third European Country
Lemonade, the New York City-based insurance company powered by artificial intelligence and behavioral economics, has launched in France.
The launch marks the third EU country Lemonade has entered, following the Netherlands’ launch earlier this year, and Germany in June 2019.
Residents of France can now get renters insurance instantly, anytime, and from any device – as well as file claims and get paid in seconds through the Lemonade.
Unlike the traditional insurance model, Lemonade keeps a flat fee for its operations, and gives unused remaining money to nonprofits, as part of its annual Giveback program.
The company launched its homeowners and renters insurance in New York in late 2016, and has been one of the fastest growing insurance companies ever since. The company went public on July 2,2020 and is listed on the New York Stock Exchange under the ticker LMND.
“Home insurance is often legally required in France, which makes it a compelling opportunity for Lemonade’s next European country launch,” said Daniel Schreiber, Lemonade CEO and co-founder. “While the French insurance market is one of the most developed globally, we believe that Lemonade’s unique mix of value, values, and technology will stand out to the French consumer, offering the ability to get fast, personalized, and mission-driven insurance, with a few taps.”
Similar to the German and Dutch products, the French product has the added benefit of being based on the company’s Policy 2.0, a new kind of insurance policy made for the 21st century, said Lemonade in a statement.
Policy 2.0 is a short, easy-to-understand, and transparent document designed for ordinary people (and not only for lawyers) – a consumer-friendly departure from the dense and dated policies that dominate the market.
Lemonade’s renters policy, which can be stopped and started at any time through the app, will start at just 4 euros (US$4.84) a month, and includes features that provide more extensive coverage than the typical industry standard policy, the company affirmed.
For example, Lemonade’s policy will offer an optional coverage to cover against theft both in and outside of your home, worldwide – so if a customer’s locked bike is stolen from the street, the customer could claim the bike’s full replacement value in minutes from the comfort of the Lemonade app.
Lemonade is licensed and supervised in Europe by the Dutch Central Bank (DNB), and has its European headquarters in Amsterdam.
Deutsche Bank appoints Frank Krings as Chief Country Officer for France
Deutsche Bank today announced the appointment of Frank Krings as Chief Country Officer (CCO) France and General Manager of the Deutsche Bank AG Paris Branch.
Krings is CEO of Deutsche Bank Group for Western Europe and currently Chairman of the Management Board of Deutsche Bank Luxembourg S.A.
As CCO France, Krings will assume responsibility for overseeing the Group’s strategy and relationships with regulatory stakeholders in France in addition to his responsibilities as CEO of Deutsche Bank Group for Western Europe. Krings takes over from Laure Lemonnier, Country Chief Operating Officer, who assumed interim responsibility for the country.
Claudio de Sanctis, CEO EMEA and Global Head of the International Private Bank, said: “France is essential to Deutsche Bank’s ambitious growth plans in Europe, as demonstrated by the fact that our CEO of Western Europe will now be based in Paris.”
He added: “Frank has proven his leadership qualities throughout his career within and outside the Group and is well positioned to build on the success of our established franchise in France.”
During his career, Krings has held various positions on the management, supervisory boards and boards of directors of banks, asset management and investment companies, holding companies, trade associations and chambers of commerce in Europe and Asia.
Krings first joined Deutsche Bank in 1996 and spent 12 years in Frankfurt and New York. He then spent two years on the Management Boards of Hypo Real Estate Holding and Deutsche Pfandbriefbank, mandated to assure their restructuring. He rejoined Deutsche Bank in 2011 as General Manager and Chief Country Officer in Thailand. He became Chairman of the Management Board of Deutsche Bank Luxembourg S.A. in March 2016 and was appointed CEO of Western Europe earlier this year. He is also a member of the Supervisory Board of DWS Investment S.A.
Krings has dual German and French nationality and a degree in industrial engineering from the Technical University of Brunswick.
Krings’ appointment will be effective on January 1, 2021, subject to regulatory approval.
Talanx invests 200 million euros in fibre-optic project in France
– Participation in debt financing for a project involving fast Internet (“fibre to the home”)
– Total infrastructure investments for Talanx now amount toaround 3 billion euros
– After investments in large solar parks and offshore wind farms,entry now into a new investment class
The Talanx Group is supporting the expansion of fast Internet in France. It is investing 200 million euros in comprehensive international debt financing amounting to 2.1 billion euros. This increases the total infrastructure investments of the Talanx Group to around 3 billion euros. So far, the Group has focused in particular on investment in wind and solar-energy projects. It is now entering a new class of investment by financing this French fibre-optic cable project.
The company IFT (Investissement dans la Fibre des Territoires S.A.S.) was established specifically to be the lead for this billion-euro project. French telecom service provider Iliad S.A. (49 percent) and infrastructure fund InfraVia Capital (51 percent) are the owners of IFT. IFT intends to use the multibillion investment to drive forward expansion of the fibre-optic network in areas which up to now have only had weak to average cover with fast Internet. Preliminary calculations indicate that the new project will equip nearly six million households in France with fibre-optic Internet. Apart from the Talanx Group, international banks and institutional investments are participating in the debt financing.
The project is purely debt financing for the Talanx Group. It acquires bonds with a term of seven years for 200 million euros. “The conditions are right,” commented Peter Brodehser, Head of Infrastructure Investments at Talanx. “The risk-return ratio is attractive and we have reliable partners on board.” Fast Internet is the foundation for digitalisation and Brodehser regards this as a growing sector, which could experience additional demand stimulus as a result of the coronavirus. “In Germany, we have also been watching out for projects like this. But unfortunately, the framework conditions have so far not been right in any of the projects we have looked at,” said Peter Brodehser.
As a result of the commitment in France, Talanx is entering a new class of investments for the first time with its infrastructure investments: fibre optics have not been part of the portfolio structure up to now.
The fibre-optic investment is the second infrastructure project that the Talanx Group has successfully completed this year. At the beginning of February, the Group took a stake amounting to 321 million euros in Germany’s biggest offshore wind farm. Two wind power facilities located in the North Sea were combined in a single project under one project bond: “Hohe See” (497 MW) and “Albatros” (112 MW). The wind parks are already in operation and they are both connected to the electricity grid. A total of some 710,000 households can be supplied with electricity.
The investment in France demonstrates that Talanx is consistently pursuing its strategy by continuing to enhance and diversify the proportion of infrastructure investments in the investment portfolio.
Liberty promotes Emmanuel Silvestre to deputy manager for France
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Emmanuel Silvestre to deputy general manager of its French operation.Based in Paris, Silvestre will retain his position as Continental Europe underwriting manager for financial lines. He will report to Richard Deguettes, general manager for France.Liberty said the role is dedicated to non-financial institutions and supports its European growth plan.
Silvestre joined Liberty Specialty Markets in 2004 at the opening of its Paris branch. He is said to have developed all lines of business related to the financial risks department including directors and officers, crime, cyber and kidnap and ransom.”Financial Lines have spearheaded our development in France and enabled us to achieve a level of expertise and experience welcomed by our brokers and clients,” said Deguettes.“Emmanuel’s promotion strengthens our senior management team at a key moment in our growth. Our product innovation capabilities and constant search for the best possible quality of service will allow us to improve customer satisfaction across all product lines.”