Core member of the La Poste group Strong franchise in the core market Low risk profile derived from excellent asset quality and superior liquidity Professional management and cautious expansion strategy Satisfactory capital position La Poste's still modest stand-alone financial profile Limited business diversification Poor operating profitability Challenge of managing the cultural change linked to the creation of the bank Unseasoned credit risk management skills following the expansion of lending activity The ratings on La Banque Postale (LBP) are based on the bank's position as a highly integrated core subsidiary of La Poste (AA-/Stable/A-1+). They also take into account an adequate stand-alone position. The ratings on La Poste reflect the company's 100% ownership by, and strong support from the Republic of
