BPCE_REGISTRATION_DOCUMENT_2017

2017 ACTIVITIES AND FINANCIAL INFORMATION Investments

Investments 4.5

4.5.1

In 2017

€ 1 billion requiringthe approval of the qualifiedmajority of the Supervisory

BPCE made no material investments( i.e. investmentsof more than

Board) during fiscalyear 2017.

4.5.2

In 2016

€ 1 billion requiringthe approval of the qualifiedmajority of the Supervisory

BPCE made no material investments( i.e. investmentsof more than

Board) during fiscalyear 2016.

4

4.5.3

In 2015

€ 1 billion requiringthe approval of the qualifiedmajority of the Supervisory

BPCE made no material investments( i.e. investmentsof more than

Board) during fiscalyear 2015.

Post-balance sheet events 4.6

On February 20, 2018, the Group announcedthe signing of an agreementon the disposalof 100%of the capital in Banque des Mascareignesto Banque Centrale Populaire and Sipromad groups. The agreementcovers the sale by BPCE Internationalof Banque des Mascareignes,a bank located in Mauritius,and its subsidiaryin Madagascar (Banque des MascareignesMadagascar),to the Moroccan cooperativegroup Banque Centrale Populaire and its strategic partner in the region, Madagascan conglomerate Sipromad,a long-standingshareholder inthe Madagascan subsidiary. The completionof the sale is subject to the usual conditions precedent for this type of transaction,including in particular the approval of the regulatory authorities inMauritius, Madagascar and Morocco. Itshouldbe finalized by the endof the first-half 2018. This sale is part of theGroup’s strategy of refocusing on prioritydevelopment sectors and regions.

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Registration document 2017