BforBank, the new direct banking subsidiary launched
last September by Crédit Agricole offering savings, pensions
and investment products, is on target to break even in
2011.
Guillaume Gervais, BforBank’s business analytics manager, told
RBI that the bank attracted €800 million ($983 million) of
savings and signed up more than 15,000 clients within three months
of the bank going online, an average client savings balance of
around €53,000.
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Aimed specifically at the wealthiest 20% of the French market,
BforBank is going head-to-head with BNP Paribas’ Cortal Consors,
Boursorama Banque (Société Générale), Fortuneo (Credit Mutuel) and
ING Direct France, all chasing a slice of the country’s annual net
savings pie of €100 billion (see RBI 620).
According to Gervais, the majority of BforBank’s customers are
switching savings from the established French-based online
banks.
Unlike ING and Boursorama, BforBank is not offering
personal loans, debit or credit cards and Gervais said the bank
would not consider expanding its product line-up until next year at
the earliest.
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