February 14, 2019
BPCE has announced that it has entered into exclusive negotiations with Auchan Holding with a view to acquiring a 50.1% interest in Oney Bank SA. The proposed transaction would provide a means for BPCE to initiate its European development in the retail-focused digital banking and consumer finance fields under the Oney brand, and for Oney Bank to accelerate its development, by leveraging BPCE’s expertise, particularly in the payments area.
Currently owned by Auchan Holding, Oney is an international bank expert in payment solutions, financing, digital identification, and insurance. Groupe BPCE, the second-largest banking group in France and the fourth-largest in the eurozone, aims to expand in the retail banking market in Europe, by leveraging the expertise it has developed in specialized financial services and especially in payments. This project would enable Groupe BPCE to initiate its development in Europe with an expert offering a different and complementary physical presence and range of solutions to its own.
The transaction cannot be finalized until approval has been obtained from the relevant French and European authorities. The closing date is therefore earmarked for the second half of 2019.
Latham & Watkins advised Auchan Holding in the transaction with a team led by Paris partner Patrick Laporte with associates Arthur Rohmer and Allison Kramer. Advice was also provided on finance matters by Paris partner Xavier Renard with associate Thomas Claudel, on antitrust matters by Paris partner Frédéric Pradelles, and on regulatory matters by Paris counsel Frédéric Chamboredon.