Groupe BPCE successfully completed its inaugural European Green Bond issuance for €1.5 billion
Groupe BPCE announced the success of its inaugural European Green Bond (EuGB) issuance, thus becoming the first private banking group in France to issue under this new European standard, the most stringent in terms of green finance.
This €1.5 billion issuance, maturing in January 2033, generated strong investor interest with demand exceeding €5 billion from nearly 150 investors. The coupon was set at 3.125%, with a final spread of 36 basis points above mid-swap. In accordance with the EuGB regulation requirements, the proceeds will be exclusively allocated to the financing and refinancing of real estate receivables aligned with the European taxonomy.
The transaction marks an important milestone in Groupe BPCE’s commitment to financing the environmental transition. By adopting this new European standard, Groupe BPCE confirms its ambition to be at the forefront of sustainable finance and to offer investors financial instruments providing the highest level of transparency and environmental impact.
This transaction continues Groupe BPCE ‘s regular presence in the capital markets and illustrates its ability to combine innovation, financial discipline and commitment to ecological transition.
Groupe BPCE: Continuation of the partnership with Energy Observer
The BPCE Group, through the partnership signed by Natixis CIB and Crédit Maritime, continues to support Energy Observer, which has announced its new expedition dedicated to finding solutions to achieve carbon neutrality.
Energy Observer, the first autonomous hydrogen ship, acts both as a laboratory and an advocate for ecological transition. It explores innovative energy solutions such as hydrogen, solar, wind, and hydrokinetic power, with the aim of making clean energy accessible to all.
Since the beginning of this project, BPCE, Banque Populaire Grand Ouest, and Crédit Maritime have been key partners of Energy Observer, contributing to its first expedition around the world at a time when hydrogen was still viewed as a breakthrough technology.
This collaboration has led to the creation of a strong and lasting relationship with the BPCE Group.
Today, the partnership continues with the commitment from Natixis CIB and Crédit Maritime, who are supporting Energy Observer in its new expedition in Europe. This three-year adventure (2025-2027) focuses on analyzing solutions to capture, store, and recover CO2, the main greenhouse gas responsible for climate change.
It is a unique opportunity to advance carbon capture initiatives and provide concrete solutions to today’s environmental challenges.
Groupe BPCE publishes its first sustainability statement pursuant to the European CSRD directive and reaffirms the impact strategy embedded in its Vision 2030 project
This sustainability statement presents Groupe BPCE’s contribution on all ESG (environmental, social and governance) dimensions, for all of its activities as banker, insurer and investor in France, Europe and the wider world. It responds to the Corporate Sustainability Reporting Directive (CSRD) and its goal of standardizing companies’ sustainability reporting and improving the availability of published ESG data. The publication of this statement reasserts Groupe BPCE’s aim of enabling all to have an impact, thanks to the strength of local solutions tightly aligned to the needs of our customers and regions.
The publication of this first sustainability statement enables Groupe BPCE to showcase the Group’s transformation approach geared to supporting our customers in their transition-related challenges.
The statement is based on a “double materiality” analysis that takes into account both the company’s impact on society and the environment, and the impact of society and the environment on the company’s financial performance. As part of this exercise, Groupe BPCE presented over 700 quantitative and qualitative data items detailing the Group’s sustainability-related strategy, policies and action plans.
Groupe BPCE also formalized its transition plan for mitigating climate change. For the Group’s financing and investment portfolios, the plan comprises sectoral de-carbonization targets as well as trajectories based on scientific scenarios compatible with the objectives of the Paris Agreement. It also incorporates de-carbonization trajectories proposed by the Group’s European asset management affiliates to their investor clients.
Acting in closest proximity to the needs of its regions and communities, Groupe BPCE also reasserts its commitment to furthering their economic, social and cultural development by supporting local actors. In particular, the Banque Populaire and Caisse d’Epargne banks are leading players in private sector financing of the social economy. They are also longstanding partners of the social housing sector as well as the main private sector financiers of local government bodies, the hospital sector and, more broadly, France’s public sector.
Groupe BPCE underlines that this first sustainability statement forms part of a three-year continuous improvement approach, according to the directive.
For Valérie Combes-Santonja, Chief Impact Officer, Groupe BPCE: “Our first sustainability statement demonstrates our desire to increase our overall positive impact, thanks to the strength of local solutions accessible to all. It highlights our cooperative identity, the full spectrum of ESG expertise possessed by our teams, the sustainable transformation initiated by all Group companies and the concrete actions they employ to deal with transition-related challenges, according to their business models. Our aim is clear: to amplify our positive environmental and societal impact by supporting our customers in France, Europe and the wider world.”
For Jérôme Terpereau, Chief Financial Officer, Groupe BPCE: “The publication of our first sustainability statement illustrates not only the solidity of the trajectories embedded in our Vision 2030 project, but also our engagement for a sustainable future. It is the financial department’s responsibility for ensuring the full transparency and integrity of the data we produce. This enables us to ensure that our actions drive both our financial and non-financial performance. These beliefs have always been central to our strategy and our aim of maximizing our positive impact on our customers and the regions in which we operate.”
Click here to see the sustainability statement: Groupe BPCE’s ratings & international standards
Mohamed Kallala named Global Head of Natixis Corporate & Investment Banking businesses
Mohamed Kallala will be responsible for the Natixis Corporate & Investment Banking businesses, after acting as their Co-Head for more than two years. He will remain a member of the management committee of Groupe BPCE’s Global Financial Services division. The nomination will be effective on February 1st.
Stéphanie Paix, CEO in charge of the BPCE Group’s global businesses, stated: “The nomination of Mohamed Kallala testifies to the success of his actions to support Natixis Corporate & Investment Banking’s clients while controlling the volatility of our revenue profile in a very demanding economic and financial environment. I am fully confident in his ability and that of the Natixis Corporate & Investing Banking teams to successfully continue implementing the BPCE 2024 strategic plan, which he helped draw up, at the service of our clients and the Group.”
Mohamed Kallala’s biography
Mohamed Kallala began his career in 1993 as ALM trader at BNP Paribas before being nominated Head of Mergers & Acquisitions at Crédit Agricole Indosuez in 1995. In 2000, he founded Global Equities Corporate Finance and in 2005, joined Natixis as Head of Real Estate consulting activities. Mohamed was nominated Head of Real Estate Finance in 2010, and then Head of Global Investment Banking in 2016. In early 2020, Mohamed Kallala became Global Head of the Natixis Corporate & Investment Banking global markets business, before becoming its global Co-Head during the same year.
Nicolas Namias appointed Chairman of the Groupe BPCE Management Board
During its meeting under the Chairmanship of Thierry Cahn, the Groupe BPCE Supervisory Board decided unanimously to appoint Nicolas Namias as Chairman of the Groupe BPCE Management Board in replacement of Laurent Mignon as of December 3, 2022
The Supervisory Board would like to thank the members of the Appointments Committee for their valuable input throughout this process that made it possible to attract applications from high-quality candidates, all from Group companies.
The Supervisory Board extends once again its warmest thanks to Laurent Mignon for his exceptional commitment over the past 14 years to serving the Group, its clients and all its employees. The next few weeks will be devoted to the implementation of the transition within BPCE.
Thierry Cahn, Chairman of the Supervisory Board of Groupe BPCE, said: “I would like to pay tribute to the remarkable mobilization of the entire Supervisory Board and Appointments Committee that, together, rapidly completed an in-depth process leading to the selection of outstanding in-house candidates. Along with all the members of the Supervisory Board, I would like to extend my warmest congratulations to Nicolas Namias on his appointment as Chairman of the Management Board of BPCE in replacement of Laurent Mignon. As his successor in this position, I am convinced that Nicolas Namias will be successful, thanks to his leadership skills, his expertise and energy, in pursuing the development of our Group for the benefit of our territories, our clients, our employees, and our cooperative shareholders.”
Nicolas Namias said: “I would like to express my sincere gratitude to the Supervisory Board for the confidence it has placed in me. After contributing to the construction and transformation of our Group for more than 14 years, and after carrying out in-depth work with all the teams in the Global Financial Services business lines aimed at defining a new sustainable growth trajectory, I am fully aware of the responsibility I will assume in succeeding Laurent Mignon, and I am particularly happy and proud of this new opportunity. Together with the Group’s entire senior management team, I shall endeavor to pursue the ongoing development of all our business lines for the benefit of our cooperative shareholders, our customers and employees by building on our essential strength: our status as a decentralized cooperative group with a panoply of strong brands: Banque Populaire, Caisse d’Epargne, Natixis Corporate & Investment Banking, and Natixis Investment Managers. With our robust fundamentals, our widely recognized expertise and our highly talented teams both in France and abroad, I am convinced that Groupe BPCE will play an active role in the energy, digital, and societal transitions.”
Biography of Nicolas Namias, new Chairman of the Groupe BPCE Management Board
Nicolas Namias began his career in 2004 in the Treasury department of France’s Ministry for the Economy and Finance. He was initially in charge of preparing international financial summits, before being appointed as the government’s substitute commissioner to the French financial market regulator AMF.
In 2008, he joined Groupe BPCE, where he became the Group’s Head of Steering for Commercial Banking and Insurance. In 2012, he was appointed Advisor to the Prime Minister for financing the economy, corporates and international economic affairs.
Nicolas Namias returned to Groupe BPCE in 2014 as Head of Strategy and subsequently Chief Financial Officer of Natixis and member of the Senior Management Committee. In 2018, he became member of the Groupe BPCE Management Board, firstly as Chief Financial & Strategy Officer and later in August 2020 as Chief Executive Officer of Natixis.
Nicolas Namias, 46, is a former student of France’s Ecole Nationale d’Administration, and a graduate of Stanford Graduate School of Business (executive program), ESSEC Business School and Institut d’Etudes Politiques de Paris.
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 and Swile plan to join forces to create a global leader in employee benefits and worktech
Groupe BPCE, the second-largest banking group in France, and Swile, a worktech unicorn, announce they have entered exclusive negotiations with a view to combining Swile and Bimpli, a subsidiary of Groupe BPCE and leader in employee services and benefits in France. The project is geared to creating a global leader in the employee benefits and worktech field.
On completion of the transaction, Swile would own 100% of Bimpli and Groupe BPCE would become Swile’s leading shareholder with a 22%[1] equity interest[2].
Ambitious industrial project with strong fit
Employee benefits are a key issue for businesses looking to recruit and retain talented staff. The employee benefits and worktech market is undergoing extensive transformation through the digitalization of solutions, broadening product ranges and the arrival of new natively-digital players.
The project is geared to creating one of the leading players in the meal vouchers segment in France and a global player in the worktech sector, endowed with first-class technological and financial capabilities.
The new combined entity would leverage the two companies’ complementary strengths, namely innovation for Swile, thanks to its employee super-app, and longstanding know-how for Bimpli, underpinned by a comprehensive and integrated employee-benefit offering. The two firms would also benefit from a strong fit through their coverage of the full range of client profiles: very small, small and medium-sized enterprises, large accounts and public sector organizations.
Internationally, the project would leave the new entity ideally placed to seize growth opportunities, especially in Brazil, the world’s largest market for employee benefits and employee engagement.
All in all, the newly formed group would command close to 5 million employee-users spread across 75,000 client companies. And with annual recurring revenues of €140m in 2022, it would also attain centaur status[3].
The proposed transaction is to be presented to employee representative bodies and will be subject to approval from the competent regulatory authorities. Completion is earmarked for fourth-quarter 2022.
For Yves Tyrode, Chief Digital & Payments Officer, Groupe BPCE:
“After creating Bimpli by grouping together all of its activities in the employee benefits sector, Groupe BPCE is now moving ahead with an important new stage of its strategy by joining forces with Swile, a go-to French worktech player. Combining the capabilities of a unicorn like Swile and the payments & digital expertise of Groupe BPCE should enable us to create a powerful and innovative industrial group that aims to become a major global player in worktech.”
For Loïc Soubeyrand, founder and CEO of Swile:
“I am very pleased with this strategic project between Swile and Groupe BPCE’s Bimpli. Becoming a major player in the meal vouchers market in France would allow us to focus on our international expansion and ratchet up the development of our employee-experience platform. Having access to Groupe BPCE’s first-rate expertise is a real privilege. Today’s announcement marks a step-change in our joint ambition of developing a major global champion in the worktech field.”
^ [1] Fully diluted basis
^ [2] Groupe BPCE would also receive €150m in the form of preferred convertible bonds.
^ [3] Start-up with annual recurring revenues exceeding US$100m.
Thierry Cahn is appointed Chairman of the Groupe BPCE Supervisory Board
The Supervisory Board, which convened today following the Group’s Annual General Shareholders’ Meeting, appointed Thierry Cahn, who also serves as Chairman of the Board of Directors of Banque Populaire Alsace Lorraine Champagne, to replace Pierre Valentin as Chairman of the Groupe BPCE Supervisory Board. In addition, Eric Fougère, who is also Chairman of the Steering and Supervisory Board of the Caisse d’Epargne Bourgogne Franche-Comté, was elected Vice-Chairman of the Groupe BPCE Supervisory Board.
The Supervisory Board warmly thanked Pierre Valentin for his personal commitment and expressed their deep gratitude for his contribution to the Group and all its member companies during his term as Chairman of the Supervisory Board. The Groupe BPCE Management Board, whose term of office runs until May 2023, remains unchanged. The Groupe BPCE Supervisory Board is comprised of 19 members, each elected for a term of six years.
In addition to the Chairman Thierry Cahn, the 6 other members appointed by the Banques Populaires are:
The Chairs of the following Banque Populaire Boards of Directors
Catherine Mallet – Banque Populaire Occitane
Marie Pic-Pâris Allavena – Banque Populaire Rives de Paris
Gérard Bellemon – Banque Populaire Val de France
Bernard Dupouy – Banque Populaire Aquitaine Centre Atlantique
The Chief Executive Officers of the following Banques Populaires
Olivier Klein – BRED Banque Populaire
Yves Gevin – Banque Populaire Rives de Paris
In addition to the Vice-Chairman Eric Fougère, the six other members appointed by the Caisses d’Epargne are:
The Chairs of the following Caisse d’Epargne Steering and Supervisory Boards
Catherine Amin-Guard – Caisse d’Epargne Loire Drôme Ardèche
Françoise Lemalle – Caisse d’Epargne Côte d’Azur
Benoit Pellerin – Caisse d’Epargne Normandie
Alain Di Crescenzo – Caisse d’Epargne de Midi-Pyrénées
The Chairs of the following Caisse d’Epargne Management Boards
Alain Denizot – Caisse d’Epargne Rhône-Alpes
Didier Patault – Caisse d’Epargne Ile de France
The three independent members are:
Valérie Pancrazi, Chair of Vap Conseils
Anne-Claude Pont, Executive Chair, Wilov
Kadidja Sinz, Europe Director, Liberty Specialty Markets
The two employee representatives, appointed by the trade union organizations representing employees, are:
Bertrand Guyard, CFDT
Nicolas Getti, UNSA
The following persons also take part in Board meetings in their capacity as non-voting members:
André Joffre, President of the Fédération Nationale des Banques Populaires, Chair of the Banque Populaire du Sud Board of Directors
Dominique Goursolle, President of the Fédération Nationale des Caisses d’Epargne, Chair of the Steering and Supervisory Board of the Caisse d’Epargne Aquitaine Poitou Charente
Maurice Bourrigaud, Chief Executive Officer of Banque Populaire Grand Ouest
Joël Chassard, Chair of the Management Board of the Caisse d’Epargne Provence–Alpes Corse (CEPAC)
Bruno Deletré, Chair of the Management Board of the Caisse d’Epargne Grand Est Europe
Daniel Karyotis, Chief Executive Officer of Banque Populaire Auvergne Rhône Alpes
Pierre Valentin, former Chairman of the Groupe BPCE Supervisory Board, said: “It is with deep emotion that I step down today as Chairman of the Board, after having experienced at first hand some of the key moments in the life of our Group such as its far-reaching transformation and its ongoing development in this unprecedented period marked by the health crisis. I would like to take this opportunity to express my deep pride in having worked alongside you all in these historic times, and I wish Thierry Cahn every success as he takes over from me as Chairman of the Board.”
Thierry Cahn, Chairman of the Groupe BPCE Supervisory Board, said: “Along with all the other members of the Supervisory Board, I would like to take this opportunity to pay tribute to Pierre Valentin and wholeheartedly applaud his numerous achievements and his outstanding commitment to the general public interest in the unprecedented context of the health crisis. I am delighted to follow in his footsteps, and I sincerely hope to fulfill my mandate as Chairman of the Groupe BPCE Supervisory Board in a spirit of humility and goodwill. The Group, whose performance has been outstanding, has successfully risen to meet new challenges. It possesses all the flexibility it needs to adapt to a constantly changing economic and social environment. The Supervisory Board will carry out to the full the different tasks assigned to it, in harmony with all the Group’s senior management team. As it has always done since its creation, it will endeavor to ensure the smooth functioning of the company and of all its constituent parts, the pursuit of its strategy, the protection of its employees, the careful management of risks, and full compliance with our cooperative values. Our cooperative shareholders and our customers must remain the key focus of our actions. Let us be proud to belong to this fine enterprise, boasting deep and vibrant roots in society as a whole.”
Biographical profile of Thierry Cahn, Chairman of the Groupe BPCE Supervisory Board
Thierry Cahn (64) has served as a Banque Populaire Board Director since 1999, and became Chairman of the Banque Populaire du Haut-Rhin Board of Directors in 2000 before being appointed Chairman of the Banque Populaire d’Alsace Board of Directors in 2003 and Chairman of the Banque Populaire Alsace Lorraine Champagne Board of Directors in 2014. He also serves as a member of the Supervisory Board of BCP Luxembourg SA. Thierry Cahn is a lawyer at the Court of Appeal of Colmar and former Chairman of the Bar Association. He is also President of the Musée Unterlinden association in Colmar.
Thierry Cahn, who has been a member of the BPCE Supervisory Board since July 2009, served as Vice-Chairman of the BPCE Supervisory Board since May 2019.
Biographical profile of Eric Fougère, Vice-Chairman of the Groupe BPCE Supervisory Board
Éric Fougère graduated from the Senior Banking Management program at the Centre d’études supérieures bancaires in Paris. He was appointed Chief Financial Officer and member of the Management Board of Groupe Louis Latour in Beaune in 2006 before beginning his career in Le Crédit Lyonnais Group as Head of Corporate Banking for the Bourgogne Franche-Comté region. Since 2013, he has been actively involved in the governance of the Caisse d’Epargne Bourgogne Franche-Comté in his capacity as a Director of the Sud Côte d’Or Local Savings Company before being appointed Chairman of this entity in January 2015. He became a member of the Steering and Supervisory Board of the Caisse d’Epargne Bourgogne Franche-Comté in April of that year and subsequently became Chairman of the Risk Committee.
In December 2019, he was appointed to the Groupe BPCE Supervisory Board.