Ma French Bank, the nobank opened in 2019 by La Banque Postale, will probably close its doors by the end of 2024 or the beginning of 2025. In the meantime, the La Poste group is taking stock: this closure will cost it dearly. Here’s how much.
My French Bank is (already) finished! La nobanque, launched in 2019 by La Banque Postale, is the subject of a plan to cease activities since December. Clearly, La Poste is studying ways to close its subsidiary in the short or medium term.
Despite good exposure in post offices, Ma French Bank (MFB) has not failed to find its place in a market, it must be said, very competitive. Last summer, it claimed 675,000 customers. An honorable figure, but very insufficient to hope to earn money. Gold increase [son] requirement in terms of profitability and critical size is one of the axes of the strategic plan of La Poste, which has already sold Stuart and stopped the activity of Urby, two delivery services in urban areas.
La Banque Postale: My French Bank is almost over!
Impairment of assets and provisions
Putting an end to the MFB adventure, however, will not be financially neutral for La Poste. Its financial results, published today, indicate that the impacts of this cessation (asset depreciation and provisions) amount, in 2023, to 107 million euros. That is to say almost half of the significant non-recurring items (-223 million euros) which affected the otherwise good operating result of La Banque Postale.
The Postal Bank: profits soar
The case of Ma French Bank is not isolated. After ING’s departure from the French market, it is the turn of the telecom operator Orange to draw a line under its experience in the nobank. Its subsidiary Orange Bank is expected to disappear by the end of 2024. Until then, its customers are pushed towards Hello bank!, the mobile banking brand of BNP Paribas, with which Orange has signed an agreement. MFB customers will be encouraged to open a La Banque Postale account.
Closure of Orange Bank: here is what awaits customers who will migrate to Hello bank!