CNCE to transfer CNP Assurances's shares to new central body

Sat. February 28, 2009; Posted: 05:02 AM

Feb 28, 2009 (Datamonitor via COMTEX) -- CNPAF | Quote | Chart | News | PowerRating -- France-based Caisse Nationale des Caisses d'Epargne, a provider of retail, commercial banking and insurance services, has decided to transfer its CNP Assurances's shares to the new central body of the merged Caisses d'Epargne and Banques Populaires groups.

Noting that the two banking groups viewed the stake in CNP Assurances as a long-term strategic asset and that they had no intention of selling it, the director representing Caisse Nationale des Caisses d'Epargne (CNCE) stated that the transfer of the shares to the new central body would in no way alter the contractual relationship between the savings banks and CNP Assurances, or the balance of shareholders' interests in CNP Assurances's capital.

Consequently, CNP Assurances has noted that the transfer of CNCE's stake in the company to the new central body will not call into question either the existing agreement between its shareholders or the marketing partnership with the savings banks network, which will both continue unchanged at least until December 31, 2015.

According to CNP Assurances, it has good reason to believe that the planned transfer will preserve the long-term nature of Caisses d'Epargne Group's stake in the company in the same way as if the shares had been allocated among the 17 regional savings banks, in line with the earlier plan announced by CNCE in December 2008.

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