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French banking group acquires German 'fintech' Fidor

French banking group acquires German ‘fintech’ Fidor

(27 July 2016 – France) Groupe BPCE has announced the signing of an agreement with the key shareholders and the founders and managers of Fidor Bank related to the acquisition of their equity interests in the company.

In a statement, the French bank said the acquisition was “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.”

Fidor, which was founded in 2009 by CEO Matthias Kröner, is one of the world’s first “Fintech Bank”. The digital only bank boasts 350,000 members, and says offers a unique proposition by combining an innovative customer experience relying heavily on the involvement its community and an open organisation 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.”

According to the joint statement, 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 acquisition will be subject to customary regulatory approval from the European Central Bank and the BaFin and clearance from the German competition authority and is expected in Q4 2016.

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