Credit Mutuel Group buys the German bank OLB

Credit Mutuel strengthens its presence in Germany with the acquisition of Oldenburgische Landesbank via its subsidiary Targobank. This strategic transaction gives rise to the tenth bank in Germany in terms of assets.

Targobank takes over Oldenburgische Landesbank (OLB) and replaces the originally planned IPO. The acquisition is intended to secure better growth opportunities for OLB in the long term.

According to the press, the cost of the transaction, which was not disclosed, would amount to several billion euros. It is the largest acquisition of the French group since 2008.

The largest of Crédit Mutuel's entities acquires the OLB bank over-Rhin for EUR 1.9 billion, which is why it has signed its largest acquisition since 2008.

Crédit Mutuel Alliance Federale announced on Thursday 20 March the acquisition of 100% of the capital of the German bank Oldenburgische Landesbank (OLB) via its subsidiary Targobank. The whole will form the 10th banking group overseas.

Oldenburg/Düsseldorf (dpa) – Targobank takes over the Oldenburgische Landesbank. As both parties announced, this does not change anything for customers and business partners either in the business relationship or at the point of contact. With the acquisition, Targobank intends to further develop into a universal bank. "After completion of the transaction, the Targo Deutschland financial holding group would cumulate into the top 10 private banks …