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La Banque Postale and Aegon extend their partnership in asset management
La Banque Postale and Aegon Asset Management (Aegon AM) are pleased to announce the extension of their asset management joint venture partnership in LBP AM through 2035. Aegon AM originally entered into the joint venture with La Banque Postale in 2015 and holds a 25% stake in LBP AM.
Birth of a leading European multi-specialist in conviction-based management: LBP AM completes the acquisition of La Financière de l'Échiquier
La Banque Postale announced today that it has completed the acquisition by LBP AM of La Financière de l'Échiquier (LFDE), one of France's leading entrepreneurial asset management companies. LBP AM now owns 100% of LFDE. The transaction, which has been approved by the French financial markets Authority (Autorité des Marchés Financiers) and competition Authority (Autorité de la Concurrence), creates a key player in conviction-based asset management in France and Europe.
2023 Citizen call for a sustainable economy: testing the just transition's resistance to challenges
On July 5th and 6th, La Banque Postale will host the third Citizen Call for a Sustainable Economy. This event will bring together major players at the Bank’s headquarters : public and private business leaders, civil society stakeholders, local authorities and experts from France and abroad, to discuss the current key issues of a just transition against a backdrop of economic, social, environmental and geopolitical challenges.
Impacts of applying the new IFRS 17 for insurance contracts on the 2022 financial statements already published under IFRS 4
Attributable equity under IFRS 17 amounts to €20.8 billion compared with €17.1 billion under IFRS 4. The impact of rising interest rates is more moderate, reflecting a better match between the measurement of assets and liabilities under IFRS 17, with Savings/Pensions liabilities now measured at market value.
Creation of a major bancassurance group: final stage of the merger between La Banque Postale and CNP Assurances
This is the third and final stage of the merger of La Banque Postale and CNP Assurances, following the creation of the major public financial centre, a long-standing project announced by the Minister of the Economy and Finance alongside Caisse des Dépôts and La Poste in 2018. After La Banque Postale’s simplified takeover bid on CNP Assurances, which ended in June 2022 and was followed by a delisting, La Banque Postale became the sole shareholder of CNP Assurances, thus owning 100% of its capital.
Application of IFRS 17 to the 2022 published financial statements under IFRS 4, for comparisons with the financial statements to be published in 2023
The difference in equity reflects CNP Assurances’ resilience in a rising interest rate environment. The difference in attributable net profit is due to the impact of the standard on revenue from own-funds portfolios.