03.05.2016

The BDAF is now the Caisse d’épargne

The merger proposal was announced a few months ago.

Since Sunday, May 1st, the BDAF has become the CEPAC, in other words, the Caisse d’épargne. The merger proposal was announced a few months ago. In September 2015, the CEPAC, which stands for the Caisse d’Epargne Provence Alpes Corse, obtained the approvals from the supervisory authorities (Prudential supervision and resolution authority and the European Central Bank). The CEPAC thus bought three banks held by BPCE international et outremer, namely la Banque de la Réunion, la Banque des Antilles françaises et la Banque de Saint-Pierre et Miquelon.

"The total contribution value of the assets that make up the patrimony of the BDAF amounts to € 1,322,751,000 and the total value of the liabilities assumed by the BDAF that have been transferred to the CEPAC amounts to 1,257,141,000. The net assets contributed comes to 65,610,000. The operation revealed a merger surplus of 25,610,000" reported the BDAF on its website.

Up until then, the CEPAC (new company name) was active in nine departments: Bouche du Rhône, Vaucluse, Alpes de Haute Provence, Hautes Alpes, South Corsica, Haute-Corse, Reunion, Guadeloupe, and Martinique.

The two parties stated that "the merger is part of a reorganization of the BPCE group establishments which particularly include the BDAF and the CEPAC in the overseas territories and departments. The BPCE Group had a fragmented presence in the French overseas departments through several legal entities and trademarks. Indeed, three entities of the group operated on these territories: the Caisse d’épargne Provence Alpes Corse (Editor’s note: but not present in Saint-Martin), the Bred and BPCE International and overseas which directly held three subsidiaries: la Banque de la Réunion, la BDAF et la Banque de Saint-Pierre et Miquelon. In order to better reorganize its presence and strengthen its effectiveness, the BPCE group decided to join the BDAF, the Reunion and Saint-Pierre and Miquelon banks to the CEPAC, which was already operating overseas."

Estelle Gasnet
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