OLB Acquired by Crédit Mutuel via TARGO Deutschland

Oldenburgische Landesbank AG (OLB) has announced an agreement for its full acquisition by TARGO Deutschland GmbH, a subsidiary of Crédit Mutuel Alliance Fédérale. The acquisition, pending regulatory approvals, will position the consolidated entity as Germany's tenth largest bank by assets, enhancing its corporate and retail banking offerings.

Stefan Barth, CEO of OLB, expressed confidence in the acquisition aligning with the bank's strategic growth path. Isabelle Chevelard, Chairwoman of TARGOBANK, highlighted OLB's performance, expressing enthusiasm for future collaboration.

The decision forgoes a potential IPO, with expectations that OLB will better achieve growth through this acquisition. Crédit Mutuel's prominence in capital markets is anticipated to improve OLB's financing conditions, enhancing its expansion efforts in Germany.