CNP Assurances in talks with Malakoff Mederic to set up new pensions business

Fri. April 03, 2009; Posted: 09:44 AM

Apr 03, 2009 (Datamonitor via COMTEX) -- CNPAF | Quote | Chart | News | PowerRating -- CNP Assurances and Malakoff Mederic are in discussions to set up a new pensions business with Caisse des Depots in France.

CNP said that the new company would help employees and the self-employed to prepare for and finance their retirement with solutions designed to supplement the pension paid under the government-sponsored pay-as-you-go scheme.

The boards of directors of CNP and Malakoff Mederic have authorized the continuation of negotiations to set up the partnership. The project has been presented to employee representatives from both companies and a final decision is expected to be made in September 2009.

According to CNP, the purpose of the joint venture would be to provide companies, employees and the self-employed with a pensions offering, supported by personalized advice.

The new company would be owned on a 50-50 basis by two subsidiaries created for the purpose of the joint venture, one by Malakoff Mederic and the other by Caisse des Depots and by CNP which would be the subsidiary's majority shareholder.

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