by Mathieu Rosemain

PARIS (Reuters) – La Banque Postale, the eleventh-largest bank in the euro zone, completed on Tuesday the acquisition of French asset manager La Financière de l’Echiquier (LFDE), bringing its assets under management to 67 billion euros.

The takeover of LFDE from the asset manager Groupe Primonial expands the bank’s asset management activities and strengthens a recurring source of income, while the capping of borrowing rates for mortgage loans and the raising of the Livret A passbook rate weighed on bank revenues.

The takeover, the price of which has not been revealed, will also help to internationalize and diversify the bank’s activities after the acquisition last year of the insurer CNP Assurances for an amount of 5.5 billion euros. , Philippe Heim, chief executive of La Banque Postale, told Reuters.

“It’s important to have a diversified banking model that brings resilience to La Banque Postale,” said Philippe Heim, who has led the group since 2020.

LFDE will bring new distribution channels by providing access to nine European countries, including Belgium, Germany, Austria, Switzerland, Italy and Spain, said Philippe Heim, adding that he expected to 40 to 50 million euros of additional net results for the group.

The asset management arm of Dutch insurer Aegon, which owns 25% of La Banque Postale Asset Management (LBPAM), co-financed the purchase of LFDE and extended its distribution partnership with La Banque Postale for 12 years. specified Philippe Heim.

With the arrival of LFDE and its 142 employees, LBPAM becomes the third largest active management player in France, after Edmond de Rothschild and CPR Asset Management.

(Report Mathieu Rosemain, Corentin Chapron, edited by Blandine Hénault)

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