La Banque Postale and the Groupama Group announce the signing of a memorandum of understanding concerning La Banque Postale IARD

La Banque Postale and the Groupama Group have signed a non-binding memorandum of understanding covering the acquisition by La Banque Postale of Groupama's 35% interest in La Banque Postale IARD (LBP IARD) and their extended cooperation in the areas of legal protection and assistance services.

LBP IARD, which was set up in late 2009 as a joint venture between La Banque Postale and the Groupama Group, markets property & casualty insurance products and services to La Banque Postale’s retail customers. With over 500 employees and an insurance portfolio comprising 1.8 million policies, LBP IARD has become an independent full-service insurance company.

Contractual relations between LBP IARD and the Groupama Group also include service agreements and reinsurance treaties with two Groupama subsidiaries, Groupama PJ (for legal protection services) and Mutuaide (for assistance services).

On completion of the planned transaction, La Banque Postale would become the sole shareholder of LBP IARD and the two service agreements would be rolled over as part of a long-term partnership strategy.

The transaction will be subject to the usual procedures with employee representatives before the final agreements are signed. The deal should be completed in the first half of 2020, once the necessary authorisations have been obtained from the supervisory authorities.