BNP Paribas announced Tuesday the completion of the acquisition of the online bank Floa, specializing in innovative payments, from Casino and Crdit Mutuel, after having obtained the necessary authorizations.
This operation allows BNP Paribas tostrengthen its portfolio of innovative payment and credit solutions to provide a complete offer to its customers in Europe, and is fully in line with the group’s strong ambitions to accelerate in this growing sector, said Thierry Laborde, Deputy Chief Executive Officer of BNP Paribas, quoted in the press release.
The takeover was announced at the end of July, for an amount of 258million euros. Floa, formerly a Casino bank, must report half of the Casino transfer price and the other half to Crdit Mutuel, ie 129 million euros each.
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3million customers
Floa has more than 3 million customers and presents itself as leader in France in his sector. The company is also present in Spain, Belgium, Italy and Portugal. The transfer must be accompanied by a strategic and commercial partnership between BNP Paribas and the Casino distribution group.
This partnership notably plans to make BNP Paribas the supplier and exclusive distributor of consumer credit, including split payment solutions, for Casino Group customers (Monoprix, Franprix, Gant, etc.), including at the group’s e-tailer, CDiscount.
Split payment for small purchases is a booming sector, with dazzling growth in recent years.
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