Green light, subject to conditions, to the acquisition of Société de Financement Local by Caisse des Dépôts et Consignations


The Caisse des Dépôts et Consignations is a public institution that carries out missions of public interest in support of the public policies implemented by the State and local government bodies. Société de Financement Local (SFIL) is a public development bank established on 1 February 2013 following the liquidation of Dexia.

Given the activities of CDC and SFIL, the Autorité examined the effects of the transaction on the local government financing and export financing markets.

Competition issues

The Autorité has determined that the conditions under which SFIL and LBP conduct their activities in this market are strictly regulated by the Commission’s 2012 decision. The Autorité further noted that prior to the transaction, LBP was SFIL’s only contractor in the market. As the transaction will have no effect on the structure of the local government financing market, competition problems were ruled out.

Commitments taken

CDC has agreed not to show favouritism to LBP in the refinancing process for the duration of the authorisation granted by the Commission’s 2020 decision. The commitments provide for a mechanism involving ex ante control of a trustee to be invoked in situations where LBP competitors could be excluded.  This control mechanism is important in guaranteeing the proper implementation of the non-discrimination commitment made by CDC.

CDC has also undertaken to maintain its confidentiality commitments under the memoranda of understanding entered or to be entered with commercial banks.

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