Casino Group: exclusivity agreement for the sale of FLOA and set up
of a strategic partnership
BNP Paribas, Casino Group and Crédit
Mutuel Alliance Fédéralesign an exclusivity
agreement for the sale of FLOA to BNP Paribas by Casino Group and
Crédit Mutuel Alliance Fédérale,and to set up a
strategic partnership between BNP Paribas and Casino
Group
Paris, 27 July 2021
BNP Paribas, Casino Group and Crédit
Mutuel Alliance Fédérale have signed an exclusivity agreement
providing for:
- the acquisition by BNP Paribas of all outstanding
shares in FLOA, one of France’s leading providers of innovative
payments and a subsidiary of Casino and Crédit Mutuel Alliance
Fédérale (through Banque Fédérative du Crédit Mutuel – BFCM), for a
total consideration of €258 million1, for an
equity of €184 million as of end-2020;
- a long-term strategic and commercial partnership
between BNP Paribas and Casino Group.
In an e-commerce market experiencing very strong
growth, associated with changing consumer habits and customer
expectations with regard to payment methods, the planned
transaction will enable FLOA to initiate a new development cycle,
capitalizing on BNP Paribas' expertise and areas of business,
particularly in view of European deployment.
The sale price for the acquisition of all
outstanding shares in FLOA, for an equity amounting to €184 million
at the end of 2020, amounts to €258 million.
The proceeds will be equally divided between
Casino Group and Banque Fédérative du Crédit Mutuel, representing
€129 million for each company.
In addition, BNP Paribas will become the
exclusive provider and distributor of consumer credit solutions
including split payment solutions for Casino Group customers
through a commercial partnership to be set up with the Casino
Supermarchés, Géant and Cdiscount banners. Cdiscount will continue
to operate its bank card payments business with FLOA's support.
The project will also lead to a collaborative
venture between Casino Group and BNP Paribas to develop the FLOA
PAY split payment solution. Under the partnership, Casino Group
will have a stake in the success of the high-potential payment
business2.
The planned transaction is subject to
consultation with the relevant employee representative bodies. It
is expected to be completed in the next quarters subject to the
necessary approvals, in particular from France’s competition
authority and the European Central Bank (ECB).
Thierry Laborde, Chief Operating Officer
of BNP Paribas Group said:
“Take-up of digital payment solutions is massive
and is gaining further momentum with the sharp growth in
e-commerce. In this environment, with support from Casino and
Crédit Mutuel Alliance Fédérale, FLOA has become France's leading
provider of innovative payment solutions, offering particularly
innovative, market-leading solutions and customer experiences. With
BNP Paribas, FLOA will launch a second phase of its development in
France and Europe, especially with vendors and e-tailers. The
planned transaction is perfectly aligned with our payments
development strategy in Europe. At the same time, the partnership
with Casino will enhance the offering of payment solutions
available to customers and strengthen our leading position as a
consumer credit provider in France and Europe.”
Jean-Charles Naouri, Chairman and CEO of
Casino Group said:
“FLOA is a joint success for Casino Group and
Crédit Mutuel Alliance Fédérale. Banking innovations, in particular
split payment solutions, have become fundamental features of the
French banking sector.
It is therefore entirely natural for Casino
Group to be planning this strategic partnership now with
BNP Paribas, which will enable Casino Supermarchés, Géant and
Cdiscount customers to continue enjoying the advantages of
innovative financing and payment solutions for their purchases,
thanks to the strength of BNP Paribas.”
About FLOA
A French leader for web and mobile payment
solutions, FLOA makes consumers’ lives easier through payment
facilities, instant loans and bank cards. FLOA is also partner to
large e-tailers (Cdiscount, Oscaro, SFR, Vide dressing, etc.), key
players in tourism (Selectour, Misterfly, Cdiscount Voyages, Pierre
et Vacances, etc.), and fintechs (Lydia, Bankin’), for which it
creates bespoke services. Its two retail banking brands are FLOA
Bank for its B2C customers and FLOA Pay for its B2B partners.
FLOA's products and services stand out, as they are easy to use for
customers and quick to integrate for partners. FLOA boasts more
than 3 million customers and grants more than €2 billion in loans
for goods and services every year. In France, FLOA was named Best
Customer Service Company 2021 (Service Client de l'Année 2021).
With operations in France, Spain and Belgium, FLOA aims to become
one of Europe’s leading providers of payment solutions.
For more information, visit: www.floa.fr
About BNP Paribas
BNP Paribas is the European Union’s leading bank
and a key player in international banking. It operates in 68
countries and has more than 193,000 employees, including nearly
148,000 in Europe. The Group has key positions in its three main
fields of activity: Retail Banking for the Group’s retail-banking
networks and several specialised businesses, including BNP Paribas
Personal Finance and Arval; Investment & Protection Services
for savings, investment and protection solutions; and Corporate
& Institutional Banking, focused on corporate and institutional
clients. The Group helps all its clients (individuals, community
associations, entrepreneurs, SMEs, corporates and institutional
clients) to realise their projects through solutions spanning
financing, investment, savings and protection insurance. In Europe,
BNP Paribas has four domestic markets: Belgium, France, Italy and
Luxembourg. The Group is also rolling out its integrated
retail-banking model across several Mediterranean countries,
Turkey, Eastern Europe and the western part of the United States.
As a key player in international banking, the Group has leading
platforms and business lines in Europe, a strong presence in the
Americas as well as a solid and fast-growing business in
Asia-Pacific.
BNP Paribas has implemented a Corporate Social
Responsibility (CSR) approach in all its activities, enabling it to
contribute to the construction of a sustainable future, while
ensuring the Group's performance and stability.
For more information, visit
www.group.bnpparibas.com
About Casino Group
Casino Group is a respected key player on the
French retail market and an international leader in food retail,
with close to 11,000 stores around the world (in France and
Latin America). The Group has developed a portfolio of strong,
dynamic and complementary banners, thanks to more than
200,000 employees driven by their passion for retail and
customer service, and generated net sales of €31.9 billion in
2020. In all of its host countries, Casino Group focuses its
development on the formats with the highest potential and its
ability to adapt in order to satisfy the needs of its customers,
today and tomorrow.
For more information, visit
www.groupe-casino.fr/en
About Crédit Mutuel Alliance
Fédérale
One of the leading banking and insurance
companies in France and Europe, operating through nearly
4,300 branches serving 26.7 million customers, Crédit Mutuel
Alliance Fédérale offers a diversified range of services to private
individuals, locally based professionals and companies of all
sizes.
One of the strongest European banking groups,
its shareholders' equity stands at 49.6 billion and its CET1 ratio
at 17.8% as of December 31, 2020.
Crédit Mutuel Alliance Fédérale is made up of
the following federations: Centre Est Europe (Strasbourg), Sud-Est
(Lyon), Île-de-France (Paris), Savoie-Mont Blanc (Annecy),
Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest
(Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais
(Valence), Méditerranéen (Marseille), Anjou (Angers), Massif
Central (Clermont-Ferrand) and Antilles-Guyane
(Fort-de-France).
Crédit Mutuel Alliance Fédérale also encompasses
Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit
Mutuel (BFCM) and all its subsidiaries, in particular CIC,
Euro-Information, Assurances du Crédit Mutuel (ACM), Targobank,
Cofidis Group, Banque Européenne du Crédit Mutuel (BECM), Banque de
Luxembourg, Banque Transatlantique and Homiris.
For more information, visit
creditmutuelalliancefederale.fr
ANALYST AND INVESTOR CONTACTS CASINO
GROUPLionel Benchimol – +33 (0)1 53 65 64
17 lbenchimol@groupe-casino.fror
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS CONTACTS
Casino Group – Direction
of CommunicationStéphanie Abadie -
sabadie@groupe-casino.fr - +33 (0)6 26 27 37
05or+33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.frAgence IMAGE
7Karine Allouis - +33(0)1 53 70 74 84 -
kallouis@image7.frFranck Pasquier - +33(0)6 73 62 57 99
- fpasquier@image7.fr
BNP Paribas
Servane Costrel de Corainville
servane.costreldecorainville@bnpparibas.com
– Tel : +33(0)6 74 81 98 27
Crédit Mutuel Alliance
Fédérale
Paul Gibert - paul.gibert@creditmutuel.fr – Tel :
+33(0)3 88 11 24 64
Disclaimer
This press release was prepared solely for
information purposes, and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. It should not be
regarded by recipients as a substitute for the exercise of their
own judgement. All the opinions expressed herein are subject to
change without notice.
1Based on equity at 31 December 2020
2Casino Group will remain invested in the successful development
of the FLOA payment business through a 30% stake in future created
value
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