Support from parent La Poste, either on its own or with the support of its owner, the French government. Strong franchise and critical market share in French retail banking, and in insurance after the partial takeover of French insurance company CNP Assurances. Above-average funding and strong liquidity. Pressure on profitability reinforced by the bank's large French retail operations, with earnings affected by low-for-longer interest rates and ongoing changes on regulated savings account deposits with Caisse des Dépôts et Consignations (CDC). High cost-to-income ratio, resulting in lower efficiency than peers. Business expansion in higher-risk consumer finance and corporate small and midsize enterprise segments--though this expansion remains small compared with total assets, which are bolstered by French housing loans and the highly
