La Banque Postale provides financing for the refurbishment of the Normandy and Tancarville bridges

As the leading bank providing funding for the local public sector, La Banque Postale is working in partnership with the Seine Estuaire Chamber of Commerce in its project to refurbish the Normandy and Tancarville bridges. It will act as arranger, main financier and agent of a €180 million loan over ten years negotiated with CNP Assurances, LBPAM and three banking groups, contributing in the amount of €74 million.

  • #Entreprises et territoires
Lecture 2 min

Two key structures for the economic activity of the basin

With annual traffic of more than 15 million vehicles, these two civil engineering structures are key to the economic activity and daily travel of the inhabitants of the Seine estuary basin. These two bridges were considered major technological challenges at the time of their construction, and demonstrate the know-how of French civil engineering and the region’s commitment to a strong innovative approach.

Their management and maintenance are the responsibility of the Chamber of Commerce, which initiated this project, through two concession agreements signed with the French government. The review clause validated by the French Council of State and the European Commission made it possible to consider the refurbishment of the structures with an extension of their concessions until 2031.

A financing pool of €180 million

La Banque Postale is the agent, arranger and main financier. It will act alongside a pool of three other banking groups (Société Générale, Crédit Agricole, BPCE) and its subsidiaries CNP Assurances and LBPAM.

I am proud of this magnificent project, carried out in synergy with CNP Assurances and LBPAM, which showcases our position as a committed player at the heart of the regions and a long-standing partner to the public sector. These highway structures contribute to the attractiveness of our regions and to improving the quality of life of their inhabitants.

Bertrand Cousin — Chief Executive Officer of the Corporate and Investment Bank.

As a responsible investor and in line with its purpose of acting for an inclusive and sustainable society, CNP Assurances is proud to take part in this transaction, alongside the BFI and La Banque Postale, through a long-term loan of €50 million. CNP Assurances thus demonstrates its social utility by contributing to the funding of the real economy and provides its policyholders with the benefit of a long-term investment with a fixed and regular return.

Olivier Guigné — CNP Assurances Chief Investment Officer

To secure funding and given the importance of this infrastructure at a local level, this project will commit the Seine Maritime department, the Normandy region, the Calvados department and the Eure department, which have together accepted to act as guarantors of this transaction.

Related news