Crédit Mutuel Arkéa to acquire Keytrade Bank

Crédit Mutuel Arkéa has entered into exclusive negotiations with Belgian cooperative banking group Crelan to acquire its online banking business Keytrade Bank.

The deal is expected to close during the first quarter of 2016.

Crelan owns Keytrade Bank since 2005. The online bank tallies 200,000 clients and provides them savings accounts, life insurance and asset management products.

The sell of Keytrade is part of a larger strategic plan of Crelan which wants to focus on its cooperative banking activity.

Crédit Mutuel Arkéa targets to develop its presence online. It has acquired Fortuneo in 2006 and has launched online banking services in 1995 before launching Symphonis.

The acquisition of Keytrade Bank would position Crédit Mutuel Arkéa as the leader of the online banking market in Belgium.

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