Sfil

What Sfil does

Sfil is a 100% publicly owned French development bank, founded in February 2013 and headquartered in Paris, that operates as the leading financier of the French local public sector. It refinances long-term fixed-rate loans (up to 40-year maturities) originated by partner banks — primarily La Banque Postale and Banque des Territoires — to French municipalities, departments, regions, public hospitals, and, since 2015, French exporters via state-guaranteed credit facilities. As of 2024, Sfil has financed more than EUR 73 billion in cumulative loans (approximately 2.5% of French GDP), including EUR 50 billion to the local public sector and EUR 5.7 billion to public health establishments, with EUR 2.8 billion originated in 1H24 alone (+157% versus 1H23).

The bank's core technology and funding architecture rest on its wholly-owned subsidiary Caffil (Caisse Française de Financement Local), a regulated Société de Crédit Foncier that issues Obligations Foncières (covered bonds) on European and international capital markets. Caffil's AAA-rated covered bond program, together with a 37.3% CET1 ratio, 270% LCR, and 123.5% NSFR, gives Sfil access to the cheapest forms of long-term wholesale funding, which is then passed through to public-sector borrowers via partner-bank origination. Since 2019, Sfil has built a thematic bond franchise — green (since 2019), social (since 2022), and sustainability — and has placed 13 thematic issues, including a EUR 1.25 billion social covered bond in March 2025 and a EUR 750 million green covered bond in May 2026. Operational tools include the third-party CLIMADA climate risk model for territorial exposure assessment and the digiSfil client portal.

Sfil generates net banking income from the spread between capital markets funding costs and the yield on its public-sector loan portfolio, supplemented by export credit refinancing fees. In 1H24, recurring net banking income reached EUR 103 million (+4% YoY) and recurring net result EUR 31 million (+15% YoY) on operating expenses of EUR 57 million, with cost of risk under 1 basis point. The bank's 7th-place rank among French banks by balance sheet, combined with its position as the 1st European issuer of public sector covered bonds, indicates an efficient-scale business. Sfil has been a subsidiary of Groupe Caisse des Dépôts since September 30, 2020, and is led by CEO Philippe Mills. Customer access is exclusively B2B and institutional: borrowers are reached through partner banks, and investors are reached via international investment bank syndicates (BNPP, HSBC, Crédit Agricole CIB, Barclays, BBVA, LBBW, Natixis, UBS, Morgan Stanley, Société Générale CIB, Citibank, La Banque Postale).

Name

Sfil

Legal name

Sfil

Website

https://sfil.fr

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

Sfil is a French public development bank that refinances long-term loans to local authorities, public hospitals, and French exporters via its AAA-rated subsidiary Caffil, which issues covered bonds on European and international capital markets through partner-bank distribution channels.

Ownership category

akta.pro rank

Product category

Public Development Banking

NAICS

Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

National/Regional Development Finance Institutions (DFIs) (FSABAKAB)

akta.pro secondary industries

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ), Bilateral Development Finance Institutions (DFIs) (BPADACAD), Development Finance, Guarantees & Blended Finance Programs (BPADABAM), Development Finance & Blended Finance Facilities (BPADAOAD)

Keywords

• Public development banking
• Covered bond issuance
• Local authority financing
• Export credit refinancing
• Green social loans

Headquarters

HQ city

Issy-les-moulineaux

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Banking Income from Loan Refinancing: Sfil earns net banking income from the margin between the cost of raising funds on capital markets (via covered bond issuances by Caffil) and the yield on its portfolio of public sector loans. Loan origination of EUR 2.8 billion in 1H24, with EUR 512 million in green loans and EUR 464 million in social loans to the French local public sector.
2. Bond Issuance and Capital Markets Financing: Sfil raises funds by issuing bonds on European and international financial markets. It is the 1st European issuer of public sector covered bonds. Recurring net banking income of EUR 103 million in 1H24. Recent issuances include EUR 750 million green covered bond (May 2026), EUR 1 billion public issuance (March 2026), CHF 100 million green covered bond (June 2026), and EUR 1.25 billion social covered bond (March 2025).
3. Export Credit Refinancing: Sfil refinances major French export credit contracts, generating income from state-guaranteed export financing. In 1H24, 2 transactions for a total of EUR 1.7 billion were completed. Approximately 170 deals under assessment for a total of nearly EUR 68 billion.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Sfil is a French public development bank that provides long-term fixed-rate financing (up to 40 years) to French local authorities, public hospitals, and French exporters. Loans are originated by partner banks (La Banque Postale and Banque des Territoires) and refinanced by Sfil through its wholly-owned subsidiary Caffil, which issues Obligations Foncières (covered bonds) and green/social/sustainable thematic bonds on European and international capital markets. Export credit refinancing is delivered in partnership with Bpifrance Assurance Export.

Product overview

Sfil is France's leading public development bank specializing in financing the local public sector. The company operates through its subsidiary Caffil (Caisse Française de Financement Local) and offers a comprehensive suite of lending products including: (1) Loans to Local Authorities for general investments, (2) Health Loans (Prêts Santé) for public hospitals, (3) Green Loans (Prêts Verts) for ecological transition since 2019, and (4) Social Loans for territorial cohesion since 2022. Funding is raised through Caffil via covered bond issuances (obligations foncières) and thematic green/social/sustainable bonds on European markets. The company also manages export credit refinancing in partnership with Bpifrance. Loans are distributed through banking partners La Banque Postale and Banque des Territoires. Clients access services via the digiSfil online portal.

Differentiator

Problem solved

Functional benefit

Brands

• Caffil: Société de crédit foncier (covered bond issuer) subsidiary of Sfil. Issues Obligations Foncières (covered bonds) to refinance loans granted by Sfil to French local authorities and public hospitals. Issues green, social, and sustainable bonds.

Products and services

• Prêts aux Collectivités Locales (Loans to Local Authorities) Core lending product providing long-term fixed-rate financing to French local authorities (municipalities, départements, régions and other local government entities) for investments in infrastructure, public services and territorial development. Distributed via banking partners La Banque Postale and Banque des Territoires, with loan amounts ranging from a few thousand euros for small communes to up to €200 million for regions and maturities up to 40 years.
• Prêts Santé (Health Loans)

Quantifiable outcome

• Over €50 billion in loans granted to French local public sector since 2013, with €45 billion specifically to local authorities and €5.7 billion to public hospitals.
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Banque des TerritoirescoreChannel Partner/ Reseller/ Distributor · 1 January 2023Banque des Territoires (a subsidiary of Caisse des Dépôts) partners with Sfil to offer very long-term fixed-rate financing for ecological transformation of local governments and the health sector. The partnership leverages Sfil's ability to deploy international savings and Banque des Territoires' extensive local public sector customer base.
• La Banque PostalecoreChannel Partner/ Reseller/ DistributorLa Banque Postale is Sfil's primary distribution partner for originating loans to local authorities and public hospitals. With 12,700+ customers in the local public sector, La Banque Postale markets Sfil's loan products through its nationwide branch network. Loans originated are refinanced by Sfil via its subsidiary Caffil, allowing competitive financing conditions for end borrowers.
• Bpifrance Assurance ExportcoreStrategic or Co-development PartnerSfil supports French exporters and major international infrastructure projects in partnership with Bpifrance Assurance Export. Bpifrance provides state-guaranteed export credit insurance while Sfil refinances the resulting credit exposures. This partnership enables French exporters to compete globally by offering competitive financing terms to international buyers.
• Caffil (Caisse Française de Financement Local)coreOthersCaffil is Sfil's wholly-owned subsidiary (Société de Crédit Foncier) that issues Obligations Foncières (covered bonds) on European and international capital markets. Caffil's covered bonds are backed by Sfil's pool of high-quality public sector loan assets, enabling Sfil to raise funds at competitive rates and pass those benefits on to borrowers.
• Bookrunners (Barclays, BBVA, BNPP, LBBW, Natixis, UBS, Citibank, Crédit Agricole CIB, HSBC, Morgan Stanley, Société Générale CIB, La Banque Postale)minorChannel Partner/ Reseller/ DistributorInternational investment banks act as bookrunners for Sfil's and Caffil's bond issuances on European and international capital markets. They help distribute covered bonds and SSA (Supranational, Sub-sovereign, Agency) bonds to institutional investors across Europe and globally.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sfil
• Xx.com/Sfil_FR

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sfil