Our
Background

A century long presence in France

Our bank was born out of General Electric’s 1995 acquisition of SOVAC bank (initially founded as the financing arm of Citroen in 1919) and then of Crédit de l’Est, Royal Saint Georges and Réunibail, rapidly positioning itself as a leader in the French debt consolidation and auto financing markets.

OUR HISTORY

In April 2017, GE Money Bank changed shareholders and became My Money Bank, the only independent bank in its market. My Money Bank is owned by funds under the management of Cerberus Capital Management.

Cerberus Capital Management, a private equity firm created in 1992 and based in New York, with offices in the United States, Europe and in Asia, has more than USD 30 billion in assets under management on behalf of some of the world’s most renowned investors. 

This acquisition enabled Cerberus to become the first private equity firm to obtain a banking licence in France.

My Money Bank is a customers centric bank focused on serving its clients and partners.

My Money Bank, more than 100 years of history

1919

­­The auto sector and My Money Bank – A natural fit. In 1919, André Citroën founded SOVAC to provide financing to customers purchasing Citroën vehicles. This enabled Paris to become the world’s automotive industry capital.

1995

Acquisition of SOVAC, a leader in the consumer credit market with a presence in the home financing factoring and corporate finance sectors.

2004

Acquisition of Royal Saint Georges Bank, a key player in the french debt consolidation market. With this integration, GE Money Bank deployed in France the debt consolidation expertise it has acquired in other countries and developed a comprehensive offering, including mortgage guarantees.

2009

Launch of the savings activity in France, with an interest-bearing savings account. In 2010, a term deposit account was added to the product offering.

2013

Merger of Réunibail and Sorefi creating a financing leader in Reunion Island.

2015

General Electric's strategic refocus on its core industrial businesses. GE Money Bank’s consumer credit and mortgage lending businesses are sold to European banks.

2017

Cerberus Capital Management, a private equity firm created in 1992 and based in New York, with offices in the United States, Europe and in Asia, has more than USD 30 billion in assets under management on behalf of some of the world’s most renowned  investors.
Cerberus has recently invested in the banking industry of several European countries.

2018

First activity report and IFRS consolidated accounts

View the activity report

From GE Money Bank
to My Money Bank

By leaving the General Electric group, My Money Bank acquired its independence. A new chapter of our history opened up, with the ambition to build new relationships with our customers and our partners.

The symbols of this evolution

“My”, a focus on customer proximity

“Money Bank” to build and expand on the GE acquired brand recognition. The pronoun “My” introduces the tailor-made relationship concept to re-affirm our proximity with our clients and partners.

A dynamic visual identity

We have chosen a strong identifier, representing a forming circle symbolising how we help our customers in fullfilling their plans, from the initiation of their project until its completion.
This dynamic symbol highlights today's digital world and is a strong illustration of our identity.

These symbols and our new brand name, “My Money Bank”, confirm our ambition as an independent French bank to become a key player in the European financings and savings market.

Our footprint

My Money Bank is an independent bank operating in Mainland France and French Overseas Territories

Our vision: to develop our bank into a European growth platform.

Our locations
implantations mymoneybank