Cleary Gottlieb is advising BPCE in connection with its proposed long-term partnership with Auchan Holding (Auchan) via BPCE’s acquisition of a 50.1 percent interest in Oney Bank SA (Oney).
The transaction was announced on February 11, 2019.
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 to accelerate its development by leveraging BPCE’s knowledge, particularly in the payments area.
The project is subject to an information-consultation procedure involving personnel representative bodies. The transaction will be subject to approval from the relevant French and European authorities.
BPCE is the second-largest banking group in France and the fourth-largest in the eurozone.
Oney, currently wholly owned by Auchan, is an international bank with experience in payment solutions, financing, digital identification, and insurance. As a major player in online split payment, digital identification, and assigned credit in Europe, it operates in 11 countries with 3,000 employees, 7.6 million customers, and 400 merchant and e-merchant partners. The company has enjoyed close to 30 years of uninterrupted growth and posted a further 5.6 percent increase in revenues for the six-month period ended June 30, 2018.