Investor Presentaiton
1. Overview of Bpifrance
Bpifrance, an ongoing intragroup merger-absorption to strengthen
the capital of the bank and have a lighter group structure
Current structure
French Agencies
State-owned
Direct fully
guarantee
100%
on bonds
EPIC
Bpifrance1
Liberté Égalité Fraternité
RÉPUBLIQUE FRANÇAISE
GROUPE
Caisse
desDépôts
Anticipated group structure evolution
According to Ordinance 2020-7393
French Agencies
State-owned
Direct fully
guarantee
on bonds
100%
Liberté Égalité Fraternité
RÉPUBLIQUE FRANÇAISE
GROUPE
EPIC
Bpifrance
Caisse
desDépôts
100%
Bpifrance S.A.
(Holding)
Other²
91%
100%
9%
100%
bpifrance bpifrance bpifrance
FINANCEMENT
> Bond Issuer
INVESTISSEMENT
ASSURANCE EXPORT
>98%
100%
Bpifrance
Merger by absorption of Bpifrance
SA by Bpifrance Financement
bpifrance
INVESTISSEMENT
Other
<2%
> Bond
Issuer
100%
bpifrance
ASSURANCE EXPORT
Several
benefits for the
bond issuer...
bpifrance
Strengthening of the capital, CET1 ratio will be highly increased to a level above to 25% (vs. 14% today)
Increasing the financing capacity to conduct general interest missions
Direct ownership of the bond issuer by CDC and EPIC Bpifrance4
Comforting Bond and CP issued by Bpifrance Financement with unchanged EPIC Bpifrance guaranty
Simplifying the legal structure, reducing administrative and management costs
1. EPIC status: see details in appendix 1 / 2. Bpifrance Financement is currently 9%-owned by commercial banks / 3. Ordinance No 2020-739 dated 17th June 2020
establishes a new structure: a merger by absorption of Bpifrance SA by Bpifrance Financement / 4. Sovereign ownership will increase to over 98%View entire presentation