Crédit Mutuel Alliance Fédérale, one of France’s largest cooperative banking groups, has announced the acquisition of Oldenburgische Landesbank AG (OLB) through its subsidiary, TARGO Deutschland GmbH. This move strengthens its position in Germany and makes the combined entity the country’s tenth-largest bank by assets. The acquisition is expected to enhance both corporate and retail banking services.
OLB, which has a 150-year history in Lower Saxony, operates nationwide in Germany. The bank serves approximately one million customers, offering services across retail banking, business lending, corporate finance, and diversified lending. With a network of 80 branches and nearly 1,700 employees, OLB brings a strong regional presence that complements Crédit Mutuel’s expansion strategy.
The deal aligns with Crédit Mutuel’s goal of increasing its footprint in Europe’s largest economy. By integrating OLB, the group aims to transform TARGOBANK into a universal bancassurance provider, expanding its offerings in corporate financing and retail banking. A key focus will be on Mittelstand companies, Germany’s small and medium-sized enterprises, which play a crucial role in the economy.
Regulatory approvals, including those from the European Central Bank and competition authorities, are still pending. If approved, the acquisition is expected to be finalized in the first half of 2026. Upon completion, the combined entity will serve 4.8 million customers and hold total assets of €79 billion.
OLB CEO Stefan Barth expressed confidence in the deal, emphasizing the shared values between OLB and Crédit Mutuel. TARGOBANK Chairwoman Isabelle Chevelard highlighted the complementary strengths of both institutions, which she believes will accelerate TARGOBANK’s transformation into a universal bancassurer.
This acquisition reinforces Crédit Mutuel Alliance Fédérale’s commitment to expanding in Germany, reflecting its broader strategy to establish itself as a leading bancassurance provider in Europe. The deal marks a significant step in the group’s long-term plan to grow its presence in international markets while strengthening its financial services portfolio.
