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. Above-average funding and strong liquidity. Business expansion in new segments in a less favorable operating environment. Pressure on banks' profitability with earnings impacted from prolonged low interest rates combined with a high cost-to-income ratio resulting in lower efficiencies than peers. Concentration on retail banking in France, particularly housing lending. S&P Global Ratings' stable outlook on La Banque Postale (LBP) mirrors the stable outlook on its parent, La Poste, over the next two years. We expect LBP to remain a core subsidiary of La Poste. Because we equalize the ratings on LBP
