Changes in the structure of Groupe BPCE’s Overseas banking activities
Groupe BPCE announces that it has signed an agreement regarding changes in the structure of its banking activities in the overseas euro area where by all the equity interests held by BPCE International et Outre-Mer (BPCE IOM) in Banque de la Réunion, Banque des Antilles Françaises and Banque de Saint-Pierre-et-Miquelon willbe transferred to Caisse d’Epargne Provence-Alpes-Corse (CEPAC).
Under the terms of this agreement, BPCE IOM will also transfer to CEPAC a portfolio of loans devoted to financing projects in the overseas euro area.
Alain Lacroix, Chairman of the Management Board of CEPAC, said: “Once this operation hasbeen completed, we intend to merge Banque de la Réunion, Banque des Antilles Françaises and Banque de Saint-Pierre-et-Miquelon within CEPAC in 2016, with a view to making them an integral part of a major cooperative banking institution maintaining long-standing ties with these overseas territories and to giving them the resources they need for their future development.”
Philippe Garsuault, Chief Executive Officer of BPCE IOM, made the following statement: “There covery of our three banks in recent years now allows them to become a part of CEPAC. For BPCE IOM, our priority now is to speed up the development of retail banking in the international arena and to complete the digital transformation of our network in Africa and the Pacific.”
François Pérol, Chairman of the Management Board of Groupe BPCE, concluded as follows: “This operation, which forms part of our strategic plan “Another Way to Grow,” will allow us to structure the Group’s presence in the overseas euro area around our two major retail banking networks: the Banque Populaire banks and the Caisses d’Epargne.”
About BPCE IOM
BPCE International et Outre-mer (BPCE IOM) is the holding company supervising Groupe BPCE’s equity interests in the international market and French overseas territories not included in the euro area. This wholly-owned subsidiary of BPCE controls the Group's banking institutions in Africa (Cameroon, Congo,Madagascar, Mauritius, and Tunisia) and in the Pacific (New Caledonia, Tahiti). It also owns equity interests in six banks and runs two specialized financial subsidiaries.
The Caisse d’Epargne Provence-Alpes-Corse pursues its activities in 9 French départements: Bouches duRhône, Vaucluse, Alpes de Haute Provence, Hautes Alpes, Haute Corse, Corse du Sud, Réunion, Guadeloupe and Martinique. Its 2 million customers are served by the bank’s 2,800 employees workingin 264 branches and 11 business centers. Apart from providing local banking services, CEPAC offers awide range of specialized services to corporations and local authorities, to companies active in the social economy, social housing bodies, mixed-economy companies, and real-estate professionals.