November 29, 2017 / 11:50 AM / a year ago

France's BPCE sees revenue growth below 1.5 pct in 2017-20

PARIS, Nov 29 (Reuters) - French cooperative lender BPCE sees retail banking revenue growing by less than 1.5 percent a year from 2017 to 2020 and aims to win 630,000 core clients by investing in online services, a document showed on Wednesday.

France’s second-biggest retail bank, which owns investment bank Natixis, is betting on higher fee income and cost cuts to boost returns at a time when low interest rates hurt margins, according to the document showed to journalists.

Overall, it is seeking to boost revenue for the group to more than 25 billion euros by 2020, from 24 billion in 2016.

Around 70 percent of its revenue comes from retail and insurance business, 14 percent from asset and wealth management and the rest from corporate and investment banking. (Reporting by Maya Nikolaeva; Editing by Edmund Blair)

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