On 9 October, the French Government, Caisse des Dépôts and La Banque Postale announced an agreement in principle regarding the transfer to Caisse des Dépôts of the shares in SFIL’s capital currently held by La Banque Postale (5%) and the French Government (75%), excluding one ordinary share retained by the French Government. Caisse des Dépôts, holding a 20% stake, would become the reference shareholder of SFIL.
The French Government would appoint a censor sitting at SFIL’s board of directors, considering the public interest missions entrusted to SFIL: financing local authorities and French public hospitals, export credit refinancing.
La Banque Postale will remain a key player, renewing in advance its partnership with SFIL until end-2026, for the distribution of mid-and long-term loans to public local authorities and French public hospitals.
The acquisition of SFIL by Caisse des dépôts would further streamline the organization of public financial institutions serving the territories, by associating them with a public development bank, the 7th largest French bank by assets and the 1st issuer of public-sector covered bonds in Europe.
SFIL will continue to be wholly-owned by public sector institutions as it is today. Closing of the transaction would occur during the first quarter of 2020.
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