Mediterranean Bank Network News

Acquisition of Fidor Bank by Groupe BPCE

BPCE, France

Saturday, 30 July 2016

Acquisition of Fidor Bank by Groupe BPCE

Groupe BPCE has announced the signing of an agreement regarding the acquisition of Fidor Bank AG, the German digital bank and fintech pioneer

Groupe BPCE has announced today the signing of an agreement with the key shareholders and the founders and managers of Fidor Bank AG related to the acquisition of their equity interests in the company.

The planned acquisition of Fidor is fully in line with Groupe BPCE's strategic plan “Another Way to Grow” and will contribute to the acceleration of the rollout of the group’s digital strategy.

Founded in 2009 by its CEO Matthias Kröner, Fidor is one of the world’s first “Fintech Bank”, pioneering the collaboration between traditional financial services and technology businesses and having developed an innovative approach to retail banking. Fidor offers a unique proposition by combining an innovative customer experience relying heavily on the involvement of the 350,000 members of its community and an open organization and architecture to foster flexibility and agility.

Fidor has developed in particular a proprietary digital banking platform – Fidor Operating System – allowing for fast and easy functionality and enabling open and most advanced API Banking. Telefónica has announced this week the launch of O2 Banking, its mobile-only bank account in partnership with Fidor using the API Banking infrastructure.

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.

By joining Groupe BPCE, Fidor will be able to capitalise on the support and backing of a solid banking group to accelerate its own growth and international development.

As part of the transaction, 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 existing management team.

The closing of the transaction will be subject to customary regulatory change of control approval from the European Central Bank and the BaFin and clearance from the German competition authority and is expected in Q4 2016.

Member banks
  • The Bank of Valletta Group is a leading financial services provider in Malta, providing retail banking, investment banking, private banking, fund management, bancassurance, stockbroking and trustee services.

  • Spain’s fourth largest private banking group, covering all areas of the financial business sector under a common denominator: professional performance and quality.

  • One of the leading banks in the Kingdom of Jordan. A bank that has distinctly adapted continuous development and improvement schemes in all of its activities.

  • BPCE Banques Populaires network has 8,500,000 clients and customers (including 3,900,000 members), more than 3,338 branches, and is part of the second largest French banking group – the BPCE Group.

  • With the largest network of banking, the Banque Populaire Group is the leading banking network in Morocco .By the end December 2012, its network was 1145 branches and over 1323 ATMs.