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. Pressure on profitability reinforced by the bank's strong French retail profile, with earnings affected by prolonged low 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 efficiencies than peers. Business expansion in higher-risk consumer finance and corporate small and midsize enterprise segments--though this expansion is still small compared to total assets, which are bolstered by French housing loans and the highly rated securities portfolios. S&P Global Ratings' positive outlook on La Banque
