France/Germany: BNP Paribas grabs online banking assets

French bank BNP Paribas announced Friday it has reached an agreement to acquire Germany-based online brokerage firm DAB Bank.

According to reports, BNP Paribas will acquire more than 80 percent of DAB for about $475 million. The buyout, the French bank said, is part of efforts to expand its digital banking operations across Europe.

According to BNP Paribas, the takeover will nearly double the number of its German clients.

The bank announced that it has already reached a deal to acquire the assets from the management board of UniCredit Bank. UniCredit Bank’s supervisory board will need to approve the deal, as will the appropriate regulatory authorities.

Full content: Banking Business Review

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