The talks
5 min

Merger of La Poste and Caisse des Dépôts

Territorial development

The French Minister of the Economy and Finance, Bruno Le Maire, has expressed the desire to create a “major public financial cluster” by bringing together Le Groupe La Poste and Caisse des Dépôts.

The French Minister of the Economy and Finance, Bruno Le Maire, has expressed the desire to create a “major public financial cluster” by bringing together Le Groupe La Poste and Caisse des Dépôts.

This project requires Caisse des Dépôts and the French Government to transfer their CNP shares to La Poste and then to La Banque Postale. In return, Caisse des Dépôts would become the majority shareholder of La Poste, with the French government holding the other part of the share capital. This change would be made possible by an amendment to the PACTE law*.

The project is complex, both in terms of legislation and finance, but if the operation is successful, La Poste will remain a company with 100% public capital, owned by the same two shareholders as at present.

This deal would strengthen La Poste's development strategy

In addition to bringing CNP closer to La Banque Postale to form a major public, multi-partner bank-insurance cluster, this project would provide a unique opportunity to accelerate the restructuring and development undertaken by La Poste to become the country’s leading provider of local services, a strategic ambition that has always been supported by its two shareholders.

It would also strengthen the Group's ability to carry out the public service missions entrusted to it by the French government within the framework of the service agreement and, beyond that, to carry out initiatives centred on five areas:

  • The fight against the regional divide, with, for example, the extension of the MSAP (public service centres) scheme

  • The creation of a major public financial cluster, with the general interest and performance at the heart of its model

  • Urban logistics, to implement last mile delivery solutions with soft modes of transport

  • The digital transformation of the regions, to improve the efficiency of public services and fight against digital exclusion

  • Services to individuals and the silver economy, to meet the challenges of demographic change and ageing

Caisse des Dépôts and La Poste share the same culture, that of commitment to serving the public at large. Their merger would allow them to better unite their forces in that direction, namely the development of the regions and the improvement of the quality of life of the French people.

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* The PACTE law: action plan for the growth and transformation of companies. The PACTE law states that the French government holds a majority of La Poste's share capital, hence the need for an amendment.