BPCE to Boost their Digital Presence in Europe with Oney Bank
- BPCE announces exclusive discussions are underway with Auchan Holding for acquiring 50.1% of their financial arm.
- Goal: speed up the pace of their European development as a digital and community bank and consumer lending group.
- With this transaction, Oney Bank could be expanding their set of banking services. The group will add a bank account and card offer (just like C-zam by Carrefour Banque) as well as insurance services.
- Oney Bank will act as BPCE’s digital bank in Europe, in addition to their existing digital offers by Banque Populaire and Caisse d’Épargne.
- This transaction should be completed this summer, and an official launch would be scheduled for 2020.
Oney: Key Figures
- 3,000 employees
- 7.6M customers
- 11 countries
- 400 partners, including e-commerce players
- +5.6% net banking income
- Sustaining the pace of progress. Auchan claims they want to rely on a leading banking player so their financial arm can grow and speed up the pace of their digital and human transformation. Auchan would then be able to focus on financing projects by their two other subsidiaries: Ceetrus (ex-Immochan) and Auchan Retail (focusing on heavy transformation work in their points of sale).
- Which future for Fidor? Fidor was acquired in 2016 by BPCE, but the group has had trouble making room for this service. Their activities have not been deemed complementary enough. BPCE would then intend to sell it soon and Oney Bank would replace it.
- BPCE has been buying out several FinTechs over the past years (Dalenys or Payplug, for instance) to diversify their set of services and boost their payment offers. Acquiring Oney would then further consolidate the group’s strategy, enabling them to enhance their payments and digital skills.
- Just like Banque Casino (50%-held by Crédit Mutuel) and Carrefour Banque (40%-held by BNP Paribas Personal Finance), Oney Bank somehow spins off from Auchan and sets links with a banking player. In December 2018, Auchan was contacted in view of a strategic operation with the Spanish bank Santander, but this does not seem to have led to further developments.