Cleary Gottlieb is advising BNP Paribas, which announced on April 3, 2017, that it has signed a memorandum of understanding for the acquisition of 95 percent of fintech firm Financière des Paiements Électroniques, which operates the Compte-Nickel payments account.
As part of the transaction, the exclusive partnership between Compte-Nickel and the Confédération des Buralistes de France (the French tobacconist national union) has been extended.
Compte-Nickel is a French payment institution, open to all without any conditions regarding income, deposits or personal wealth, and without any overdraft or credit facilities. Compte-Nickel uses the latest technology to facilitate opening an account through the intermediary of a local tobacconist who has been certified by the French banking supervisor.