BPCE - 2019 Universal Registration Document

ACTIVITIES AND FINANCIAL INFORMATIONS 2019

INVESTMENTS

Investments 4.5

4.5.1

In 2019

Acquisition by BPCE of Natixis SA’s Factoring, Sureties & Guarantees, Leasing, Consumer Finance and Securities Services business lines for €2.7 billion on March 31, 2019.

Acquisition by BPCE of a 50.1% stake in Oney Bank SA from Auchan Holding on October 20, 2019.

In 2018 4.5.2

BPCE made no material investments (i.e. investments of more than €1 billion requiring the approval of the qualified majority of the Supervisory Board) during the fiscal year.

In 2017 4.5.3

4

BPCE made no material investments (i.e. investments of more than €1 billion requiring the approval of the qualified majority of the Supervisory Board) during the fiscal year.

Post-balance sheet events 4.6

The financial statements for fiscal year 2019 were approved by the Management Board on February 4, 2020. Since then, Natixis announced on February 25, 2020 that it had concluded a Memorandum of Understanding for the sale of 29.5% of its stake in Coface for a price per share of €10.70. As of the date of signing of the MoU, goodwill impairment will be recognized on this Coface equity interest, estimated at around €100 million based on data taken at December 31, 2019.After the disposal, which may take place several months after the announcement as the necessary regulatory authorizations are obtained, Natixis

will no longer be represented on the Board of Directors of

Coface.

In light of the spread of Covid-19, economic activity would now appear to be on the path to recession, amid heightened uncertainty at least for the first half in many countries. In particular, mobility restrictions in affected areas, the clear impact of a prolonged economic disruption on value chains, and the spread of the health crisis to the service sector (tourism revenues, air travel, local sales, etc.) have set the stage for weakened economic conditions at least for the first half of 2020.

213

UNIVERSAL REGISTRATION DOCUMENT 2019 | GROUPE BPCE