Cleary Gottlieb is advising Groupama in the proposed sale of its 35% interest in insurance company La Banque Postale Assurances IARD to La Banque Postale and their commercial cooperation in the areas of legal protection and assistance services.
La Banque Postale IARD was set up between Groupama and La Banque Postale as a joint venture in 2009 and markets property and casualty insurance products and services in La Banque Postale’s retail banking network. The transaction is subject to employee information and consultation procedures as well as regulatory and antitrust approvals.
The Groupama Group, one of the leading mutual insurers in France, carries out its insurance and service business activities in 10 countries and has 12 million members and customers, with premium income of €14.3 billion. La Banque Postale is a French bank that is the subsidiary of the La Poste group and Caisse des dépôts et consignations and operates in the retail banking, insurance and asset management markets.