The banking sector is also suffering from the effects of the crises of recent years. In France, three banks will actually close: Orange Bank, My French Bank and also HSBC. What does this change mean for the hundreds of thousands of affected customers?
Three banks will close their doors in 2024
It will close several banks that are considered flagships of their affiliated brands. The first of these is Orange Bank, which announced its closure last summer. The “final withdrawal” of the bank will probably take place in the coming months, but we do not know the exact date. Negotiations with BNP Paribas are underwaywhich should renew 800,000 Orange Bank customers for its own online bank: Hello Bank.
” Orange and BNP Paribas are working to ultimately offer you a specialized offer, rate and support terms »
👉 Find our guide – Top 7 banks in France that are most crypto-friendly
Another bank to close its doors in France is the local branch of HSBC. The British giant sold its retail banking network yesterday to My Money Group. It is headed by the American investment fund Cerberus. Discussions have been going on for two years. There are also approximately 800,000 customers affected.
My money group will take over 250 agencies managed by HSBC, under the new trade name: Crédit Commercial de France (CCF). 3,500 employees will also be transferred.
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Mobile banks in trouble?
Another announcement made recently: we found out about ten days ago possible closure of My French Bank, the mobile banking brand of La Banque Postale. THE”plan to shut down Ma French Bank”, would a priori not involve any resale. Instead, the 675,000 affected customers would be integrated into La Banque Postale. The mobile bank would have accumulated losses of 255 million euros between 2018 and 2022. No forecast date has been announced regarding this upcoming change.
👉 Also in the news – France: your bank will cost you 31 to 255 euros more in 2024
The closure of My French Bank and Orange Bank shows that the mobile banking sector has become extremely competitive and that large groups they may have difficulty maintaining their activity. With competitors offering free (or very cheap) deals, it can be difficult for brands to find a niche, even with the support of big names in the banking industry. And of course the banking crisis from the beginning of 2023 also played its role, which had its share in the closure.
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Source: Les Echos
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A journalist at Cryptoast, I have been immersed in cryptocurrencies since 2017. I am passionate about the issues of decentralization, privacy and the global impact of these new technologies.
Marine Debelloir
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