PARIS (Reuters) - French insurer CNP Assurances (CNPP.PA) will seek to further expand abroad after a deal with state-owned mail operator La Poste, the head of La Poste’s banking arm said on Tuesday.
“With a strong domestic presence, CNP Assurances will have to find a development strategy through internationalization with the support of Banque Postale,” Remy Weber, the CEO of Banque Postale told reporters on Tuesday.
CNP Assurance is already present in Brazil and in Italy through a partnership with Caixa Economica Federal and UniCredit (CRDI.MI), respectively. The French insurer also signed an agreement with Spain’s Banco Santander (SAN.MC).
La Poste is due to take over CNP Assurances in a bid to create a state-controlled bank and insurer focussed on the country’s rural areas.
After the operation that will allow the French post office to diversify away from the shrinking mail business, La Poste will own 60% in CNP Assurances. The deal is due to be operational in January 2020.
Reporting by Inti Landauro, Editing by Dominique Vidalon