Perrine Kaltwasser: “The Yellow One & the Red One”

Perrine Kaltwasser (X99), Deputy Chief Executive Officer in charge of risk management, compliance, the general secretariat, and conglomerate oversight, looks back on her career and tells us more about her progression within La Banque Postale.

*Source: POLYTECHNIQUE’s official magazine—La Jaune & la Rouge

Could you tell us a little about your company?

I began my career in the civil service. For seven years, I served as an insurance commissioner and inspector at the Insurance and Mutual Insurance Supervisory Authority. I then joined the European Insurance and Occupational Pensions Authority (EIOPA)* in 2009. In particular, I was part of the Solvency II team responsible for issues related to Group supervision. Then, in 2011, I joined the French Prudential Supervision and Resolution Authority (ACPR) as department head in charge of systemic mutual groups, before joining the European Central Bank (ECB) in 2014 as division head in the Directorate General for Microprudential Supervision, responsible for supervising four major systemic banks. I joined La Banque Postale in late 2018 as Director of Capital Management and Conglomerate Oversight. Two years later, I was appointed Group Chief Risk Officer at La Banque Postale, and in that capacity became a member of the Executive Committee. Since 2021, I have served as Deputy Chief Executive Officer in charge of risk, compliance, the General Secretariat, and conglomerate supervision.

In your opinion, what were the turning points in your career, and why?

Until I joined La Banque Postale, I held various positions in France, the United States, and Germany. These multicultural experiences were very formative. They allowed me to discover different cultures, organizations, and ways of working. The transition from the insurance industry to banking was also a defining experience. It came with greater responsibility, as I took on the role of managing a team of 25 people. This change prompted me to step out of my role as an expert and become a manager. When I joined La Banque Postale, I chose to return to a more operational role with a smaller team after having managed nearly 150 people at the ECB. This choice allowed me to get to know La Banque Postale’s structure and better understand how it operates.

What is the scope of your work and what are your main responsibilities at La Banque Postale today?

I oversee risk management, compliance, and the bank’s general secretariat, which includes the legal and public affairs departments. In a sense, I am in charge of the bank’s control tower, whose primary mission is to support growth while safeguarding the interests of all stakeholders: customers, shareholders, and investors. In this context, we must ensure that the Group operates within a controlled framework and remain constantly vigilant so that we can resolve all kinds of issues. We provide the Executive Board with an independent perspective on what is happening within the company. In fact, our functions are independent of the business units, and that is precisely what allows us to serve as this “control tower”!

What do you particularly appreciate about your company?

La Banque Postale is a young bank celebrating its 16th anniversary this year. It is still growing rapidly and has very recently expanded in size and scope with the integration of CNP Assurances, which marks a major turning point for the Group and offers excellent prospects! For our employees and the talented individuals who join us, this is an opportunity to help shape this organization, which has chosen to be a socially responsible, accountable, and committed bank since its inception.

How does La Banque Postale stand out from other banks?

At the heart of our mission lie significant societal challenges, such as financial inclusion, as well as a proven commitment to ESG—and more specifically, decarbonization, sustainable development, and gender equality. La Banque Postale therefore logically adopted the status of a purpose-driven company in early 2022, demonstrating its proactive approach to social, environmental, and governance issues. Finally, we operate within a highly diverse and complementary Group (Caisse des Dépôts, La Poste, CNP Assurances) and in a highly cross-functional environment, interacting with all of the bank’s business lines, which requires collaborative work and fosters teamwork and a team spirit. It is therefore essential to have a rich and diverse workforce to navigate the Group’s complexity and meet the many challenges that lie ahead.

What challenges have you faced along the way?

Despite clear progress, some professions remain predominantly male. It’s important to assert yourself and establish credibility right from the start… which isn’t very easy when you’re young and a woman
! As for me, I was fortunate to meet men and women who supported me and helped me grow. Over the years, through experience, these are issues we learn to handle—each in our own way.

How does La Banque Postale support you in your career?

Unlike other banking institutions, we remain a bank on a human scale. From the moment I joined La Banque Postale, I was fortunate to work alongside supportive colleagues who helped me grow. This allowed me to discover all facets of the Group by working on the front lines—
—in a post office or alongside the back-office teams. This supportiveness and commitment to supporting every part of the bank are at the very core of our DNA. Support programs from management and Human Resources are regularly implemented to facilitate skill development and career mobility.

What advice would you give to École Polytechnique graduates who would like to join your team?

Even today, there is a form of self-censorship among young women. I am convinced that female engineers have a rightful place in a bancassurance Group. I would advise them not to hesitate to
take the plunge and join us, as we are in need of female talent. Indeed, the diversity of profiles, backgrounds, skills, and experiences is an asset that La Banque Postale highly values. Our industry—and our bank in particular—is constantly evolving. It’s a very stimulating environment where there’s still so much to do and build together.

*European Insurance and Occupational Pensions Authority (EIOPA)