Sfil
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| Company type | Public bank |
|---|---|
| Founded | 2013 |
| Headquarters | France |
Key people | Philippe Mills (CEO) |
| Services | credit distribution export credit |
| €69 million (2024) | |
| Total assets | €68.2 billion (2024) |
| Total equity | €1.6 billion (2024) |
| Owner | Caisse des dépôts et consignations (99.99%) Agence des participations de l'État (0.01%) |
Number of employees | 412 (2024)  |
| Subsidiaries | Caisse française de Financement Local |
| Website | sfil |
Sfil, which originally stood for Société de financement local, is a French public development bank, founded in February 2013. It is active in local public sector financing and in the financing of major export credits contracts. Created as part of the reorganisation of the Franco-Belgian banking group Dexia, Sfil is wholly owned by the Caisse des dépôts et consignations, with the exception of one share hold by the French State. By 2024, it had €50 billion in outstanding loans to local authorities and public hospitals, and €2.4 billion in support for exporting companies.
History
[edit]2013-2018: creation and first years
[edit]The Société de financement local, or SFIL, was created in 2013 following the process of overhauling Dexia, a Franco-Belgian bank.[1] It obtained an authorisation from the French Prudential Supervision and Resolution Authority, which allowed it to carry out banking activities.[2]. Following the introduction of European Banking Supervision in late 2014, it was designated a Significant Institution and is therefore directly supervised by the European Central Bank.[3]
It also mobilises long-term investors to offer local public entities, healthcare establishments and exporters favourable terms to finance investments deemed essential for France. For example, in 2014 it granted a new loan of twenty million euros to the government of French Polynesia to enable it to finance new investments and restructure its debt.[4]
2018: buyout by the Group Caisse des dépôts
[edit]In November 2018, the Caisse des dépôts et consignations group (CDC) announced the buyout of SFIL from the Agence des participations de l'État (APE), while its shareholding was split between CDC itself, which helds 20%, the French State, which helds 75% via the APE, and La Banque postale, which helds the remaining 5%.[5] The objective was to work closely with the newly created Banque des Territoires.[5] It was also a subject of negotiations between CDC and APE, during the takeover of CNP Assurances by La Banque postale.[5] CDC's stated aim was to create a large-scale public financial pole, integrating all these entities as well as Bpifrance.[6] That year, SFIL declared a net banking income of €186 million and a net profit of €63 million.[6] On 30 September 2020, CDC became SFIL's sole shareholder, with the exception of one ordinary share hold by the French State.[2] This allowed it to sit on the board of directors as a non-voting member, given that SFIL carries out a public interest mission.[6]
In 2023, SFIL declared a net profit of €65 million, boosted by a sharp increase in export financing.[7] This became its leading activity, with €6 billion worth of projects financed that year.[7] As of summer 2024, total lending to the local public sector had exceeded €50 billion, of which €45 billion was allocated to local authorities.[2] Green loans, aimed at combating climate change, accounted for €1.15 billion, or around 20% of this total.[8] Social loans, granted to local elected representatives to finance health, social and family action, reached the amount of €869 million, or around 14%.[8]
Financing activities
[edit]Local public sector
[edit]Sfil is a public development bank dedicated to French territorial collectivities, public hospitals and export, employing 400 people.[2] Its mission is to "guarantee the stability in financing for the local public sector in France (...) and to enable local authorities to benefit from the best financing conditions".[2] It thus finances the loans that its partner, La Banque postale, contracts with local authorities.[9] These loans support projects that serve the public interest, such as the construction of schools, hospitals, sports facilities, or road infrastructure.[2] Sfil is the leading financier, with €50 billion in long-term loans in 2023.[2]
French export projects
[edit]Since 2015, Sfil has also provided financing for major export contracts and in 2017 became the leading provider of liquidity for export credit.[2] This mission covers orders excessing €70 million and is carried out in cooperation with commercial banks, with lower requirements managed by Bpifrance.[10] The guarantee on the loans was previously provided by the French State itself, but it was up to the contractor to find and negotiate with the banks.[11] The aim of this new system is to promote the export competitiveness of French companies at a lower cost.[10] Sfil thus directly supports several major French companies such as Airbus, Alstom or Naval Group, by issuing letters of interest as soon as commercial negotiations are launched.[10] By 2024, exports accounted for a third of Sfil's business.[12] That same year, it obtained a new authorisation from the European Union.[13] It enabled Sfil to finance projects backed by a guarantee provided by a European export credit agency, whereas its field of action had previously been restricted to French projects.[13]
Thematic loans
[edit]In 2024, Sfil announced that it had granted €3 billion in green loans, financing local projects to combat and adapt to climate change.[14] Since October 2022, the financial institution has also been offering social loans, again in partnership with La Banque postale, to help local elected representatives to finance health, social or family programs.[14] These accounted for 14% of its activities in 2023, with €700 million granted in one and a half years.[14] Sfil provides also health loans, dedicated to financing health infrastructure and medical equipment to improve access to care and meet public health needs.[15] It has a local subsidiary, Caffil (Caisse Française de Financement Local), which provides financing for loans to the local sector.[16]
References
[edit]- ^ Wajsbrot, Sharon (10 June 2015). "Dexia, l'étrange destin d'une banque fantôme". Les Echos (in French). Retrieved 1 May 2025.
- ^ a b c d e f g h Lefebvre, Florian (7 October 2024). "Qu'est-ce que la SFIL ?". Le Journal du dimanche (in French). Retrieved 3 May 2025.
- ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
- ^ Stambouli, Samia (23 April 2014). "Compte-rendu du Conseil des ministres". Radio 1 (in French). Retrieved 1 May 2025.
- ^ a b c Drif, Anne; Wajsbrot, Sharon (15 November 2018). "L'ex-Dexia revient dans le giron de la Caisse des Dépôts". Les Echos (in French). Retrieved 5 May 2025.
- ^ a b c Gueugneau, Romain (1 October 2019). "L'ex-Dexia passe sous le contrôle de la Caisse des Dépôts". Les Echos (in French). Retrieved 7 May 2025.
- ^ a b Gueugneau, Romain (20 February 2024). "La SFIL, filiale de la Caisse des Dépôts, portée par le crédit à l'export". Les Echos (in French). Retrieved 18 May 2025.
- ^ a b Armand, César (13 February 2025). "Climat : les collectivités territoriales accélèrent leurs investissements". La Tribune (in French). Retrieved 18 May 2025.
- ^ Bohineust, Armelle; Collet, Valérie; Huijgen, Annelot (27 January 2016). "Du Crédit lyonnais à Air France, ces entreprises sauvées par l'État". Le Figaro (in French). Retrieved 14 May 2025.
- ^ a b c "SFIL, la banque qui finance l'export et les territoires". Ouest-France (in French). 20 February 2018. Retrieved 17 May 2025.
- ^ Hameau, Thierry (26 September 2018). "Chantiers navals. Le financement d'un paquebot, quel casse-tête!". Ouest-France (in French). Retrieved 18 May 2025.
- ^ Nédélec, Gabriel (13 February 2025). "La SFIL, filiale de la Caisse des Dépôts, signe une année record dans le financement des collectivités". Les Echos (in French). Retrieved 18 May 2025.
- ^ a b Joselin, Franck (13 February 2025). "La Sfil aborde 2025 sereine avec un mandat élargi". L'Agefi (in French). Retrieved 22 May 2025.
- ^ a b c Armand, César (20 February 2024). "Financement de la transition écologique : la banque Sfil reste en quête de projets locaux". La Tribune (in French). Retrieved 18 May 2025.
- ^ Berthon, François (17 February 2025). "Sfil surpasse ses records d'émissions et de prêts verts en 2024". WanSquare (in French). Retrieved 21 June 2025.
- ^ "Asset-backed/asset-based/covered green bond of the year: CAFFIL". Environnemental Finance. September 2023. Retrieved 18 July 2025.