La Banque Postale was established in 2006 as a subsidiary of La Poste, France’s national postal service. The bank provides services to around 11 million private customers, and more than 400,000 business clients, professionals, social economy actors and local public sector bodies. La Banque Postale is a leading player in loan origination for healthcare sector and social housing in France. The bank has had a strong focus on social inclusion and accessibility to financial services historically. It also carries out the task of being the development bank for corporate and public sectors.
The proceeds of the social bond in portfolio are used to finance affordable housing and essential services. The affordable housing category has strong positive impact as France has a shortage of social housing. In France, according to law, rents of social housing are fixed, ensuring housing to more vulnerable groups. Essential services include public hospitals and research centers. The projects financed aim to increase accessibility to healthcare service and improve quality of healthcare services.