By buying OLB, Crédit Mutuel has offered its big acquisition since 2008

Crédit Mutuel strengthens its presence in Germany with the acquisition of Oldenburgische Landesbank via its Targobank subsidiary. This strategic operation gives birth to the tenth Bank of Germany in terms of assets. Back up safeguarded Receive Crédit Mutuel The French Group Crédit Mutuel Federal Alliance (CMAF) announced Thursday the acquisition of the German Bank Oldenburgische Landesbank (OLB) via its Targobank subsidiary, giving birth to the tenth Germany bank in terms of assets. “Crédit Mutuel Alliance Fédérale crosses a major stage in its ambition to develop its bancassurer model Europe, with the signing of an agreement for the acquisition of 100% of the German bank Oldenburgische Landesbank (OLB) via its subsidiary Targo Deutschland GmbH (Targobank), “the group said in a press release. The amount of the operation was not revealed, but would be less than 2 billion euros, according to Éric Petitgand, CEO of CMAF. Read also: Banks: why large networks will speed up agency closings A strategic expansion in Germany in Germany through Targobank, ACM Deutschland and CIC, Crédit Mutuel thus strengthens its position on its second market after France. “We have the ambition to develop in Europe, and especially in Germany, the first European economy,” said Daniel Baal, president of the group. Founded in Lower Saxony, OLB is a universal bank serving a million customers and managing more than 30 billion euros in assets. After its integration in Targobank, the whole will represent 4.8 million customers and a total assessment of 79 billion euros. “We are going to change our dimension in Germany and better balance the origin of our income,” said Isabelle Chevelard, president of the Targobank board. Read also: Bank costs: here is how much you will pay in 2025, according to your bank maintenance of jobs and synergies to come the group assures that there will be “no restructuring or significant change in the short term”. “The culture of Crédit Mutuel Alliance Federal is to maintain the jobs where they are,” said Daniel Baal. Regarding synergies, insurance is identified as a key axis. “OLB had as a partner Allianz until the end of 2026. We will see how to take advantage of the recent establishment of Crédit Mutuel insurance in Germany,” said Isabelle Chevelard. Crédit Mutuel, whose headquarters are in Strasbourg, aims to become a major bancassurer in Europe. In 2024, it was the 5ᵉ banking group and the 10ᵉ insurer in France, and already made 20% of its international income. The group recorded in 2024 a net profit of 4.1 billion euros, almost stable (+0.2%), and a net banking product (PNB) of 16.6 billion euros (+3.4%). >> Our service – achieve up to 300 euros in savings per year thanks to our banking tariff comparator Receive our latest news each morning, the information to retain the financial markets. (tagstotranslate) Cr u00e9dit mutuel

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