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La Banque Postale’s Group 2020 Results and Business activity
A watershed year shaped by non-recurring transactions: Attributable net profit of €4.15m as reported, including €3.4bn of initial accounting entries related to the first-time consolidation of CNP Assurances Restated for the above items, attributable net profit came to €738m, including the change in consolidation scope resulting from the full consolidation of CNP Assurances (positive effect of €484m) and the Covid-19 impact (negative effect of €377m on net banking income and €455m on cost of risk) RONE was 6.3%, reflecting the business model’s resilience in the face of the crisis
2020 annual results and 2030 strategic plan
In a difficult environment, the expanded group delivered resilient results and completed the process of creating one of Europe’s leading bancassurers.
La Banque Postale: Successful €500m Tier 2 Subordinated Notes Issue
La Banque Postale has successfully raised €500 million through a Tier 2 Subordinated Notes issue. The 11.5-year notes are callable in year 6 and pay a fixed interest rate (reset for the remaining 5 years in the event that the notes are not called). The issue forms part of La Banque Postale’s strategy to strengthen its regulatory own funds and optimise its Tier 2 bucket, took advantage of attractive market conditions.
La Banque Postale and the Groupama Group announce the signing of a memorandum of understanding concerning La Banque Postale Assurances IARD
La Banque Postale and the Groupama Group have signed a non-binding memorandum of understanding covering the acquisition by La Banque Postale of Groupama’s 35% interest in La Banque Postale Assurances IARD (LBP IARD) and their extended cooperation in the areas of legal protection and assistance services.
The European Payments Initiative (EPI) announces major Polish and Finnish banks and consortium of twelve Spanish credit institutions join as new founding shareholders.
Today, EPI Interim Company, responsible for initiating the implementation of the European Payments Initiative (EPI), is pleased to announce that PKO Bank Polski (“PKO BP”), Poland’s largest bank, and OP Financial Group, the leading Finnish retail bank, are joining EPI as founding shareholders of the recently created company. Furthermore, a group of 12 Spanish credit institutions banks has also formed a consortium and are joining EPI as a collective founding shareholder of the EPI Interim Company.
La Banque Postale SA’s capital requirements as assessed in 2019 have been renewed by the European Central Bank (ECB)
Given the current unprecedented economic and health crisis facing European countries and financial institutions, the ECB has not made new decisions further to its Supervisory Review and Evaluation Process (SREP) carried out in 2020.