French lender Credit Mutuel Arkea has agreed to acquire Keytrade Bank, Belgian cooperative bank Crelan’s online banking arm.
Keytrade Bank, owned by Crelan since 2005, offers a broad range of financial products such as savings accounts, life insurance and asset management products for customers.
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The sale of Keytrade Bank forms part of Crelan’s strategy to focus on its cooperative banking activity.
The acquisition is scheduled to be completed by the first quarter of 2016.
A statement from White & Case, the law firm that advised Credit Mutuel Arkea on the transaction, said: "Twenty years after its first online initiatives, the acquisition of Keytrade Bank – the leader in online trading in Belgium for 15 years that offers a wide range of financial products and services – will allow it to reinforce its presence in Belgian online banking services, while offering Keytrade Bank important possibilities for growth."
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