French competition regulator Autorité de la concurrence approved the takeover of CNP Assurances SA by state-owned postal service La Poste SA's banking unit La Banque Postale SA — which will become its majority shareholder.
Additionally, the watchdog approved state-owned investment fund Caisse des Dépôts et Consignations, or CDC, to assume sole control of La Poste by assuming a majority stake in the postal service in return for giving its roughly 41% stake in CNP Assurances to La Banque Postale.
The move, which was initially mulled over in 2018, intends to combine banking and insurance within a single state-owned entity that would primarily provide its services in rural areas neglected by private companies.
Post-completion, CDC will own a 66% stake in La Poste, while the state will directly own the remaining 34%. Meanwhile, La Banque Postale will hold a roughly 62.1% majority stake in CNP Assurances, according to the Dec. 31 statement.