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28 January 2013
Deals | France | M&A
Gide Loyrette Nouel advises La Banque Postale on the agreements signed on 23 January 2013 between the Caisse des Dépôts (French Deposit and Loans fund - CDC), La Banque Postale and the Dexia group for the setting up of the new bank for local authorities.
The new establishment, called Société de Financement Local (SFIL), takes over from a subsidiary of Dexia, Dexia Crédit Local (DCL), which already played this role in the Franco-Belgian bank's loans activity to local authorities.
The capital of SFIL shall be held 75% by the State, 20% by the CDC and 5% by the Banque Postale. Via its real estate credit company (société de crédit foncier) Caisse Française de Financement Local, the SFIL will make it possible to refinance medium and long term loans that La Banque Postale will offer, in cooperation with the Caisse des Dépôts, to local authorities, groupings of local authorities, and public health establishments. The SFIL will be operational as from 1 February 2013 and will employ 400 people.
The loans that La Banque Postale will offer, in cooperation with the Caisse des Dépôts in a joint venture, and that will be refinanced by SFIL's real estate credit company (société de crédit foncier), will represent a significant share of the loans market to local authorities, groupings of local authorities, and public health establishments, and are expected to reach a loans volume of some 5 billion euro per year.
Legal counsel to La Banque Postale:
Gide: Jean-Emmanuel Skovron (partner), Christine Miles and Maryline Roux for M&A and coordination of the operation; Christine Van Gallebaert (partner) for banking and finance law; Foulques de Rostolan and Anne Boileau (partners) for employment law; Thierry Dor (partner) for IT law; Stéphane Hautbourg and Yann Utzschneider (partners) for competition law.
