Groupe BPCE Joins Scope Group as Shareholder to Challenge US-Dominated Credit Ratings Market

Groupe BPCE Joins Scope Group as Shareholder to Challenge US-Dominated Credit Ratings Market

(IN BRIEF) Groupe BPCE has become a shareholder in Scope Group, the leading independent credit rating, ESG analysis, and fund research provider in Europe. This move supports a European initiative to challenge the US-dominant credit ratings market. The existing base of European shareholders, including AXA, B&C Beteiligungsmanagement, Foyer, HDI/Talanx, Signal Iduna, SV SparkassenVersicherung, Swiss Mobiliar, and RAG-Stiftung, is reinforced by Groupe BPCE’s investment. Scope, which is licensed by ESMA and FINMA, is a financial and non-financial (ESG) ratings agency that covers all asset classes across Europe and has over 300 employees.

(PRESS RELEASE) PARIS, 14-Feb-2023 — /EuropaWire/ — Groupe BPCE, a major French banking group, announces that it has become a shareholder in Scope Group, the leading independent credit rating, ESG analysis, and fund research provider in Europe. With this investment, Groupe BPCE is supporting a European initiative to challenge the dominance of major US credit rating agencies.

The European credit rating market has long been dominated by US agencies, but Scope Group has been working to challenge this through its financial and non-financial (ESG) ratings services covering all asset classes, including countries, companies, local government bodies, and financings. The agency employs over 300 people and operates throughout Europe, licensed by the European Securities and Markets Authority (ESMA) and the Swiss Financial Market Supervisory Authority (FINMA).

Groupe BPCE’s investment in Scope Group reinforces the existing base of European shareholders, including AXA, B&C Beteiligungsmanagement, Foyer, HDI/Talanx, Signal Iduna, SV SparkassenVersicherung, Swiss Mobiliar, and RAG-Stiftung. This move marks Groupe BPCE’s commitment to supporting a European initiative on the ratings market and building a more competitive and diversified credit rating ecosystem.

Florian Schoeller, CEO and founder of Scope Group said: “A truly European Rating Agency needs the acceptance and backing of the most important European investors and institutions. Welcoming one of the largest banking groups in Europe as a shareholder in Scope is a vote of confidence from another major capital market institution and proof that Scope is becoming an integral part of the European financial ecosystem.” 

Sylvain Petit, Head of Strategy at Groupe BPCE said: “Groupe BPCE has decided to support Scope Group, a European project, because we are convinced that investors and regulators can benefit from a wider diversity of opinions and rating approaches. With methodologies that take European social and economic realities into account, Scope Group enhances the assessment of economic players in Europe.” 

The investment by Groupe BPCE comes at a time when investors are increasingly seeking reliable and accurate ESG ratings to guide their investment decisions. Scope Group’s expertise in this area is becoming more valuable as investors demand more transparency and accountability from companies and financial institutions.

As the European credit rating market becomes more competitive and diversified, it is expected to provide better services and more accurate ratings to market participants. With the support of Groupe BPCE and other European shareholders, Scope Group is well-positioned to play a leading role in this development.

About Scope Group

Scope Group is Europe’s leading provider of independent credit ratings, ESG analysis and fund research. It employs over 300 people in its offices in Berlin, Paris, London, Milan, Madrid, Oslo, Stockholm and Frankfurt. Chaired by Inès de Dinechin, the Group counts Paris as its second largest centre of activity after Germany. It is also licensed by the European Securities and Markets Authority (ESMA) and the Swiss Financial Market Supervisory Authority (FINMA). Scope is the only pan-European company in its category to provide genuine competition to the oligopoly held by US agencies.

About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking.

Press Contact Groupe BPCE
Christophe Gilbert : 33 (0)1 40 39 66 00 / 33 (0)6 73 76 38 98
christophe.gilbert@bpce.fr

Press Contact Scope Group
André Fischer : 49 (0)30 279891 147
a.fischer@scopegroup.com

SOURCE: GROUPE BPCE