CNP Assurances : is selling its stake in CNP BVP to Barclays Bank

Paris, 22 December 2014

CNP Assurances is selling its 50% stake in Spanish-based CNP Barclays Vida y Pensiones (CNP BVP) to Barclays Bank for a total of €453 MM, including a special dividend.

The deal, which is subject in particular to approval by the relevant anti-trust authorities and the Spanish insurance supervisor, is scheduled to be completed before the end of the first half of 2015. This transaction should result in a capital gain of approximately €200 MM in the fiscal year 2015 (this amount estimated at signing may be adjusted when the transaction is recorded in the accounts). As at 31 December 2014, the stake of CNP Assurances in CNP BVP will be accounted for as a "non-current asset held for sale".

Frédéric Lavenir, CNP Assurances's Chief Executive Officer, said: "Our CNP BVP subsidiary has enjoyed vigorous growth, primarily in the savings and pensions segments, and we've obtained a very good price for our stake. We remain committed to expanding in Southern Europe, particularly in the personal risk/protection segments, through our Spanish subsidiary CNP Partners.".