CNP Assurances/La Banque Postale: merger blocked by French government
The combination of CNP Assurances [EPA:CNP], the French insurance group, and La Banque Postale, the banking arm of state-owned postal services group La Poste, has been blocked by the French government.
An unsourced report from French daily Les Echos claimed that the government deemed the operation “too risky”.
The report noted that Philippe Wahl, head of La Poste, was proposing to create a major financial services group by increasing La Poste’s shareholding in CNP Assurances.
CNP Assurances reported net profits of EUR 281m on revenues of EUR 9bn in 1Q16.
Les Echos