La Poste: possible termination of Ma French Bank operations
On 18 December 2023 Ma French Bank and La Banque Postale launched an information-consultation process with their respective employee representative bodies. The purpose of this process is to examine a project to shut down Ma French Bank, La Banque Postale Group’s 100% mobile bank, and the conditions under which this project would be implemented.
This phase of social dialogue follows a strategic review of Ma French Bank by La Banque Postale Group in recent weeks, five years after Ma French Bank’s launch. Despite its undeniable popularity among customers, Ma French Bank has not attained profitability nor achieved financial success. In a highly competitive and consolidating market, which requires a critical size to become profitable, Ma French Bank’s development would require substantial investments, in particular to expand its range of products and equipment offers. Such an approach no longer seems consistent with the strategic plan of La Banque Postale Group, which contemplates prioritising investment in accelerating its own digitalisation.
If a decision were to be taken to terminate Ma French Bank’s operations, it would be done through a gradual process over a period of 12 to 18 months.
If this project were to be implemented, all Ma French Bank employees, whose skills and expertise are a major asset for La Banque Postale, would be offered the opportunity to continue their careers within the Group.
In addition, should this project be implemented, La Banque Postale would undertake to offer all Ma French Bank customers the possibility of opening a bank account with La Banque Postale, providing them with the best of its physical network comprising 7,000 post offices, the best of digital with an app that meets the best market standards, and a comprehensive range of products and services.
La Banque Postale Group and Ma French Bank would like to stress that the proposed termination of Ma French Bank’s operations poses no risk to customers’ assets and deposits, which would remain accessible throughout the whole procedure.
Ma French Bank and La Banque Postale Group are committed to keeping all Ma French Bank employees, customers and stakeholders regularly informed on the evolution of this project.
