Fidor acquired by large French banking group

Germany-based Fidor Group has announced it has been acquired by Groupe BPCE, the second largest banking group in France.

Groupe BPCE has signed an agreement with the key shareholders, founders and managers of Fidor Group relating to the acquisition of their equity interests in the company, according to a press release from Fidor Group. 

Fidor said it will attempt to capitalize on the support of Groupe BPCE to enable a strong international expansion, continue the development of its proprietary digital banking technology and strengthen its presence in Europe.

Following the deal, Fidor will remain as an independent business. Founder and CEO Matthias Kröner will continue with his role for Fidor, keeping a shareholding in the bank and leading its business strategy, development and international expansion as before.

Fidor Group will also adjust its internal structure, with the new Fidor Holding Group acting as a parent company to the rest of Fidor's business offerings, which includes Fidor Bank and Fidor AG, the digital white-label technology solution provider for digital banking and any future corporate offerings.

"This move will allow Fidor to continue its international expansion and drive the development of our innovative digital technology even further. In a world of increasing volatility, it is important to be member of a strong group and this transaction is strongly improving our overall financial sustainability," Kröner said in a statement. "We are excited to have such a well-established partner as BPCE in the financial world that recognises the need for an entrepreneurial approach to banking and innovation."