France to announce La Poste, CNP Assurances tie-up on Thursday
Reuters
Published Aug 29, 2018 19:52
France to announce La Poste, CNP Assurances tie-up on Thursday
PARIS (Reuters) - The French government will announce on Thursday the merger of CNP Assurances (PA:CNPP) and La Poste, which will fall under state-owned investment fund Caisse des Depots, a government source told Reuters confirming a report in Les Echos.
Under the deal, La Caisse des Depots et Consignations, or CDC, would hand over its 41 percent stake in CNP Assurances in exchange for a stake in La Poste, which already owns a bank.
La Poste will then merge its bank, La Banque Postale, with CNP Assurances to expand the range of services it provides.
The French government, which owns both CDC and La Poste, wants to build up a state-owned company that would provide both banking and insurance services in the country's rural areas which are often neglected by private rivals.
A spokeswoman for CNP Assurances declined to comment. CDC and La Poste did not immediately respond for comment.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.