Davis Polk advised the joint bookrunning managers in connection with BPCE’s offering of $750 million 4.875% subordinated notes due 2026 under BPCE’S $25 billion Medium-Term Note Program. The subordinated notes, which are expected to qualify as Tier 2 capital of BPCE, were issued pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended.

Headquartered in Paris, BPCE is the central institution of Groupe BPCE, one of the largest banking groups in France. Groupe BPCE’s activities are conducted primarily through two core business lines. The first core business line, Commercial Banking and Insurance, includes the activities of the Banques Populaires and Caisses d’Epargne retail banking networks, activities relating to real estate financing and insurance, international banking and certain other banking activities. The second core business line, Wholesale Banking, Investment Solutions and Specialized Financial Services, is conducted by Natixis.

The Davis Polk corporate team included partner Reuven B. Young, counsel Amy T. Alter and associate Andrew Rowe. Counsel Juliette Loget and associate Géraldine Fromage provided French regulatory advice. Partner John D. Paton, counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Members of the Davis Polk team are based in the Paris and London offices.

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