Credit Mutuel Federal Alliance offers a German bank

Credit Mutuel Federal Alliance has just announced that it has reached a new stage in the deployment of its activity in Europe, and in Germany in particular. This stage is marked by the signing of an acquisition agreement with the German Oldenburgische Landesbank (OLB), via the TARGOBANK subsidiary of the mutual bank.

FACTS

• OLB presents itself as a universal bank offering its services to a million customers throughout Germany. With over EUR 30 billion in assets, it will now be part of the mutual group of the Crédit Mutuel Alliance Federale.

• In particular, it will provide expertise in the private banking, wealth management and corporate financing markets.

• The amount of the transaction has not yet been officially announced but would be around 2 billion euros.

• The operation remains subject to the approval of the competent regulatory authorities.

ISSUES

• Sign an important operation : Crédit Mutuel Alliance Fédérale signs here its largest operation since its acquisition of Citibank in Germany in 2008, which led to the creation of TARGOBANK.

• Strengthening its position as key players : This new strategic acquisition of OLB allows Crédit Mutuel Alliance Federale to strengthen its position in Germany, making TARGOBANK the country's tenth largest banking group in terms of assets.

PERSPECTIVE

• Crédit Mutuel Alliance Fédérale also takes advantage of the announcement of this takeover to highlight these good results for the year 2024 and the acceleration of its ambitions for the year 2025.

• Crédit Mutuel Alliance Fédérale emphasises for example its status as the fifth banking group and tenth insurer of France in 2024. However, the group earns 20% of its revenues internationally (Germany representing its second market).

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