(Reuters) – La Banque Postale and CNP Assurances announced on Wednesday the merger of their property and personal insurance activities, the third and final step in a marriage initiated in 2018 between the two groups.
Since April 11, CNP Assurances Holding, 100% owned by La Banque Postale, brings together CNP Assurances and the four non-life insurance subsidiaries of La Banque Postale (P&C, Health, Protection and Consulting), the companies said in a joint press release. .
Stéphane Dedeyan, Chief Executive Officer of CNP Assurances, and Véronique Weill, Chairman of the Company’s Board of Directors, have been appointed to head CNP Assurances Holding.
“The merger of our property and personal insurance activities is the last milestone in becoming a major public bancassurance group. It carries a strong ambition for growth in France and internationally”, said Philippe Heim, Chairman of the management board of La Banque Postale, in the press release.
La Banque Postale launched a takeover bid last year to take full control of CNP Assurances, a transaction that was part of the creation of a large public financial center desired by Bercy.
(Writing Gaëlle Sheehan, written by Blandine Hénault)
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