August 30, 2018 / 6:49 AM / a year ago

CNP Assurances to merge with La Poste's bank -French finance minister

PARIS, Aug 30 (Reuters) - France plans to merge CNP Assurances and La Poste’s banking arm to create a financial group that would offer banking and insurance services mainly in rural areas, Finance Minister Bruno Le Maire said on Thursday.

State-owned investment fund La Caisse des Depots et Consignations, or CDC, will hand over its 41 percent stake in CNP Assurances in exchange for a stake in La Poste, which already owns a bank, Le Maire said on a local radio station, confirming a report on Wednesday by Les Echos newspaper.

La Poste will then merge its bank, La Banque Postale, with CNP Assurances.

The French government, which owns both CDC and La Poste, wants to build up a state-owned company that would provide both banking and insurance services in the country’s rural areas which are often neglected by private rivals.

The tie-up will also help La Poste diversify from dwindling revenues from postal services, Le Maire said. (Reporting by Inti Landauro; Editing by Susan Fenton)

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