French mortgage lender Credit Foncier de France and French mutual banking giant BPCE's Banque Palatine said that they have entered into exclusive talks to sell their jointly-owned subsidiary Cicobail to Natixis, BPCE's investment and financial services arm.
French mortgage lender Credit Foncier de France and French mutual banking giant BPCE's Banque Palatine said that they have entered into exclusive talks to sell their jointly-owned subsidiary Cicobail to Natixis, BPCE's investment and financial services arm.
Compagnie Immobilière Pour la Construction et la Location de Bâtiments Industriels et Commerciaux (Cicobail) is a real estate unit specialised in property lending. The company is 68%-held by Crédit Foncier, while Banque Palatine controls a further 25% and BPCE's listed unit, Eurosic holds the remaining stake. The operation is in line with BPCE's strategy of regrouping its mortgage lending activities in Natixis, the banks said in a joint statement.
The transaction is expected to be completed before the end of this year.
BPCE was formed in 2009 by a merger between mutual banks Caisse d'Epargne and Banque Populaire. The lender is 20% owned by the French government.
