Banque Populaire Group and Caisse d'Epargne Group Complete Transaction
Providing $1.5 Billion Capital Support to CIFG
John Pizzarelli Assumes CEO Responsibilities
HAMILTON, Bermuda, Dec. 21 /PRNewswire/ -- CIFG Holding, Ltd., the holding
company for CIFG's Triple-A rated financial guaranty subsidiaries, today
announced that Banque Populaire Group ("BFBP") and Caisse d'Epargne Group
("CNCE"), the controlling shareholders of its parent company Natixis, have
completed the previously announced transaction under which BFBP and CNCE are
providing $1.5 billion in capital support to CIFG and will become sole
shareholders of the Company.
John Pizzarelli, currently CIFG's Managing Director and Head of Global
Public Finance and Infrastructure, will assume the Chief Executive Officer
responsibilities while the long-term strategic plan is being evaluated.
Jacques R. Rolfo, who has served as CIFG's Chief Executive Officer, is no
longer with the Company.
With nearly $3 billion in claim paying resources and the support of the
rating agencies, CIFG believes it is well positioned to serve its clients.
For additional information, please contact:
Media: Michael Ballinger at (212) 339-5507 or (917) 490-9567 or
m.ballinger@cifg.com
Investors in the U.S.: Thomas Collimore at (212) 909-3952 or
t.collimore@cifg.com
Investors in Europe: Thierry Dissaux at 33 1 58 55 65 13 or
t.dissaux@cifg.com.
CIFG Holding, Ltd. is the holding company for CIFG Guaranty, Ltd., CIFG
Assurance North America, Inc. and CIFG Europe, its Triple-A rated financial
guaranty insurance and reinsurance subsidiaries. CIFG is currently capitalized
with $2.9 billion in claims paying resources and rated Triple-A by Moody's,
Standard & Poor's and Fitch. CIFG provides insurance and reinsurance for
investment grade transactions in the structured finance, public finance and
project finance markets in the US and Europe.
SOURCE CIFG Holding, Ltd.
Media: Michael Ballinger, +1-212-339-5507, or +1-917-490-9567,
m.ballinger@cifg.com, or Investors in the U.S., Thomas Collimore,
+1-212-909-3952, t.collimore@cifg.com, or Investors in Europe, Thierry Dissaux
+33-1-58-55-65-13, t.dissaux@cifg.com, all of CIFG
