French group BPCE to acquire German digital bank
French banking group Banque Populaire Caisse d’Epargne (BPCE) that owns Natixis has signed an agreement to purchase German digital bank Fidor Bank AG.
The transaction is set to contribute to the acceleration of the rollout of the group’s digital strategy.
Founded in 2009 by its CEO Matthias Kröner, Fidor has been one of the pioneers in the digital banking area. It currently tallies some 350,000 members.
Matthias Kröner will remain a shareholder of Fidor Group and continue as chief executive officer to lead the development and business operations together with the current management team.
The deal, subject to regulatory approval, is expected to close in Q4 2016.
François Pérol, chairman of the Groupe BPCE Management Board said: “This operation constitutes a key step in the acceleration of the digital transformation of our group.
“It further demonstrates our commitment to innovation, to develop a customer centric approach enabled by a digital banking technology and to be more involved in digital and mobile banking field. We are very proud and happy to welcome Fidor’s teams, community and clients within Groupe BPCE.”
Matthias Kröner, CEO and founder of Fidor, commented: “In a world of increasing volatility it is important to be member of a strong group. We are excited to have such a well-established partner as BPCE in the financial world that recognises the need for a customer-centric and entrepreneurial approach to banking and innovation.”