Support from parent La Poste, either on its own or with the support of its owner Groupe Caisse des Dépôts et Consignations (CDC), and ultimately the French government. Strong liquidity and above-average funding, with minimal reliance on wholesale funding. Strong franchise and market share in French retail banking, and now in insurance after the partial takeover of French insurance company CNP Assurances. Low risk profile. Pressure on interest margins, especially in retail. High cost base, resulting in lower efficiencies than peers. Business expansion in higher-risk consumer finance and corporate small and midsize enterprise segments. The stable outlook on La Banque Postale (LBP) mirrors that on La Poste. We continue to see LBP as a core subsidiary of the La Poste
