Munich-based direct bank Fidor Bank is being dissolved: the current owner, major French bank BPCE, wants to liquidate the fintech subsidiary by the middle of 2024. This is informed by the financial scene. In 2020, BPCE announced that it would sell Fidor Bank to financial investor Ripplewood. However, the deal was never concluded. Only the IT division – split as Fidor Solutions – could be sold to the French conglomerate Sopra Steria.
Existing customers will get termination from 2023
Business with new customers to be closed, existing customers to be notified of termination by early 2023, reported financial view, BPCE bought the company in 2016, but the investment turned out to be unfavourable for BPCE. Operationally, Fidor Bank’s business never went according to plan, with BPCE having to spend money on its own to make up for the losses of the acquired company.
Fidor Bank fought against losses to the end. For example, in early 2020, cooperation with Telefónica on a special account for smartphone users called “O₂ Banking” broke down due to differences between the parties involved; The collaboration began in 2016. Telefónica is looking for a new bank as a partner. The additional customers lost from this collaboration meant a bitter loss for Fidor Bank.
As reported by Finanz-szene, BPCE recently tried to find a buyer. Because that was unsuccessful, the owner is now proceeding for liquidation, with which to support the auditing company KPMG.
(Two)
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