OLB to be acquired by Crédit Mutuel Alliance Fédérale

The Shareholders of Oldenburgische Landesbank AG (“OLB”) have reached an agreement to sell the entire share capital of OLB to TARGO Deutschland GmbH, subsidiary of Crédit Mutuel Alliance Fédérale group. Crédit Mutuel Alliance Fédérale is a leading French cooperative bank which is the ninth largest bank in Eurozone in terms of total assets. The completion of the acquisition is subject to the usual closing conditions and regulatory approvals. The buyer intends to arrange the legal and technical implementation of the transaction.

“The planned acquisition testifies our successful strategy and strong growth trajectory. Over the past few years, we have proven the success of our business model and delivered sustainable profitable growth with consistently high returns. We aim to continue to grow from this position of strength. Crédit Mutuel Alliance Fédérale group will support us in pursuing our ambitious goals,” says Stefan Barth, CEO of OLB.

“OLB is a well-recognized brand across Germany, known for its dynamic growth and strong portfolio quality alongside a conservative risk management approach. This operation will enable our group to strengthen its position moving forward. We are greatly impressed by the performance and accomplishments of OLB’s team and look forward to a common future,” says Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Country Manager for Germany of Crédit Mutuel Alliance Fédérale.

With today's decision in favor of a sale of OLB to TARGO Deutschland GmbH, the shareholders have in turn decided to discontinue their efforts towards an IPO of OLB. In the long term, OLB is anticipated to benefit more from the acquisition compared to the originally planned public listing. This acquisition will enhance OLB's ability to finance its future growth under significantly improved conditions, thanks to Crédit Mutuel Alliance Fédérale's capital markets access and strong rating which assures better funding opportunities. Additionally, Germany is Crédit Mutuel Alliance Fédérale's second core market and one of its key growth geographies. With its strong position and high profitability, OLB is expected to significantly accelerate the group’s expansion in Germany.

Crédit Mutuel Alliance Fédérale group is fully committed to the strategic vision and success of OLB's Private & Business Customers segment and the highly profitable Corporates & Diversified Lending segment in particular. Moreover, OLB’s leadership team is fully dedicated to the planned acquisition. All customers of OLB, both private and business, will continue to enjoy the same high standard of service.