Assessment of Promises and Achievements: Creation of Large Public Financial Center Led by CDC, La Poste, and CNP Assurances

Certain promises of the creation of a large public financial center headed by the Caisse des Dépôts et Consignations (CDC) and including La Poste and CNP Assurances, have still partly come true, according to a report from the Court of Auditors published on Tuesday.

Technically successful, the operation which consisted in particular of integrating CNP Assurances into the La Poste group under the leadership of the CDC, must now be reflected in the strategy of the division thus constituted and bring to light the promises of synergies and development, in a period which has become more uncertain, summarizes Pierre Moscovici, first president of the Court of Auditors, quoted in a press release.

Among the ambitions not completely achieved, the institution cites the promise of an industrial project serving the territories, whether on the aspect dedicated to the elderly, on the digital offer serving the territories, on urban logistics and smart city, or on the ecological side.

The Court of Auditors makes several recommendations, including the definition of a global real estate strategy, the division being a shareholder of Icade, CDC habitat and La Poste Immobilier. It also recommends quantifying all the revenue and cost synergies expected from the integration of La Poste and SFIL (a public bank dedicated in particular to communities, Editor’s note) and (to) ensure the financial management of their realization.

Furthermore, if the group is exposed to new risks, in particular the contraction of the mail market or the internationalization of some of the new subsidiaries (mainly CNP Assurances and Geopost), these nevertheless remain sustainable levels for the moment, judges the Court of Auditors. After a difficult start, synergies between La Banque Postale and CNP Assurances are being achieved, also welcomes the financial jurisdiction.

Officially born in March 2020, a year and a half after the announcement of this plan which had the code name Mandarine, this major public financial center led to a reorganization of the CDC group, whose balance sheet size was multiplied by six and the net banking income by four.