In addition, the partnership between Compte-Nickel and the Confédération des Buralistes de France has been extended for a period of 10 years.
On 12 July, in accordance with the Memorandum of Understanding signed on 4 April, and having obtained all necessary authorisations from the relevant regulatory bodies, BNP Paribas has completed the acquisition of 89.1% of Compte-Nickel, and should increase its holding in the company to 95% by end-2017. The Confédération des Buralistes de France will retain a 5% stake in Compte-Nickel.
Through this acquisition, BNP Paribas completes its offer dedicated to new banking usage in France providing, alongside Hello bank!, the Bank’s branch network and the digital services offered by the French Retail banking, a comprehensive set of solutions well adapted to all client needs.
Compte-Nickel leverages a straightforward market positioning and a distribution network – that of the French Confédération des Buralistes – which provides unrivalled access to customers. Compte-Nickel’s offer will progressively become available through 10,000 Buralistes, equivalent to half the entire network of Buralistes in France.
A new Compte-Nickel account is opened every thirty seconds and since launch three years ago over 630,000 accounts have already been opened.
The synergies created by this merger will enable Compte-Nickel to go further and faster in its drive to attract new customers, with a target of two million accounts by 2020.
The acquisition will have a negligible impact on the Group’s Common Equity Tier 1 ratio.
