My Money Group announces the merger of My Money Bank and My Partner Bank, its two regulated banks in mainland France.
With this merger which became effective on 31st December 2020, My Money Bank replaced My Partner Bank in all its rights, actions and obligations. My Partner Bank becomes a commercial brand of My Money Bank and continues to offer its expertise in professional mortgages to the real estate sector.
This transaction does not have any impact for our customers, partners and investors, as they will keep the same contacts and will benefit from the same quality of service. It is also neutral on the group’s financial and regulatory ratios, and on My Money Bank’s investment grade credit rating from Standard & Poor’s.
My Money Group acquired Banco Espirito Santo et de la Vénétie (BESV) in December 2018 and renamed it My Partner Bank. Its flagship professional mortgages business represents today close to one quarter of the Group’s credit portfolio and Net banking Income.
My Partner Bank’s activities and operational processes had been progressively integrated into My Money Group. This integration was accelerated from December 2019 with the transfer of My Partner Bank’s teams to La Défense, to be in close proximity to My Money Bank’s Paris teams.
The legal merger now completes this process, allowing us to simplify the organisation further and to be more responsive to a changing environment.