Credit Mutuel Arkea completes Belgian online bank’s acquisition

Crédit Mutuel Arkéa has acquired all of the business activities of Belgian online bank Keytrade Bank.

This acquisition, which is in line with the goals of the Arkéa 2020 strategic business plan, will enable Crédit Mutuel Arkéa to accelerate its development in online banking and digital financial services.

By adding Keytrade Bank, the group will have 600,000 clients and €20bn in assets under management on the online banking segment.

Keytrade Bank tallies over 200,000 clients and as a platform, provides a range of banking services, life insurance products and online asset management services.

Ronan Le Moal, CEO of Crédit Mutuel Arkéa, noted: “The acquisition of Keytrade Bank satisfies one of Crédit Mutuel Arkéa’s main goals and a central part of our Arkéa 2020 strategic business plan, namely to become a European online banking leader through strong local brands.

“Keytrade Bank will be the flagship brand for Belgium, Luxembourg and Switzerland. We are very enthusiastic about this project and are thrilled to share our expertise along with Keytrade Bank in order to achieve a successful outcome.”

Thierry Ternier, CEO of Keytrade Bank, added: “Thanks to Crédit Mutuel Arkéa’s support, we will be able to inject new momentum into the online banking market and provide a genuine alternative to retail banks.

“At the beginning of next year, for example, we will offer mortgage loans that can be subscribed 100% online. Belgians will no longer have a reason not to become online banking clients.”

Crédit Mutuel Arkéa has €110bn in assets under management.

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