La Banque Postale’s online bank, Ma French Bank, is closing its doors. This is what the group announced this Wednesday, December 20 in a press release. What will become of the 675,000 customers? Response elements.
Less than five years after its opening, the mobile bank Ma French Bank, a subsidiary of La Banque Postale, will close its doors. In a press release dated Wednesday, December 20, the group announced that it was studying a plan to cease the activities of Ma French Bank, within a period of one year to 18 months.
La Banque Postale has already committed to offering all Ma French Bank customers the possibility of opening an account within it, with access to its physical network with its 7,000 post offices and the services of a traditional bank. However, according to information from AFP, the sale of the customer portfolio to a possible buyer is not excluded.
Before Ma Frecnh Bank, ING and Orange Bank recently threw in the towel. Their customers are encouraged to migrate to Boursorama, a subsidiary of Socit Generale, for the first, and to Hello Bank!, a subsidiary of BNP Paribas, for the second.
My French Bank had 675,000 customers at the end of June. This 100% mobile bank offers two offers: Original 2.90 euros per month and Idal 6.90 euros per month.
Customers and employees will be kept informed
In an extremely competitive market, in full consolidation, which requires a sufficient critical size to hope to become profitable, massive investments would be necessary for the development of Ma French Bank, in particular by expanding its range of products and equipment offers.
However, such an orientation no longer appears compatible with the strategic plan of the La Banque Postale group, which plans to prioritize its investments on the acceleration of its digitalization, explained La Banque Postale and Ma French Bank in the press release.
They also wanted to reassure customers, indicating that the cessation of mobile banking activities did not present any risk for customer assets and also committed to keeping customers and employees regularly informed of the evolution of this probable closure.
In all cases, the customers concerned are obviously free to choose to go elsewhere, to another mobile bank for example, if they wish.
Comparison of mobile banks