Crédit Mutuel Alliance Fédérale completes the acquisition of OLB and scales up in Germany
Published on 02/01/2026
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Crédit Mutuel Alliance Fédérale announces that today it acquired 100 % of Oldenburgische Landesbank (OLB) via the holding company TARGO Deutschland GmbH, which is owned by Banque Fédérative du Crédit Mutuel.
This major transaction is fully aligned with the 2024-2027 strategic plan, Togetherness, Performance, Solidarity. The cooperative group intends to roll out its bancassurance model in Europe, and particularly in Germany, its second largest domestic market.
All the necessary authorizations have been obtained to allow Crédit Mutuel Alliance Fédérale together with TARGOBANK, ACM Deutschland and OLB to offer all universal banking business lines and insurance in Germany.
Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK, now also takes up the role of Chairwoman of the Supervisory Board of OLB.
Rolling out the bancassurance model in Germany
Crédit Mutuel Alliance Fédérale is the fifth largest banking group and eleventh largest insurer in France. Its strength lies in the relevance of its integrated model, a model that allows it to provide banking, insurance and services to all of its customers - individuals, professionals, corporates, farmers and non-profit organizations.
Building on its success in France, Crédit Mutuel Alliance Fédérale is investing heavily to build a universal bancassurance player in Germany. OLB’s integration will make the group the tenth largest privately owned bank in Germany. Meanwhile, TARGOBANK is now also distributing the products of ACM Deutschland, a subsidiary of Assurances du Crédit Mutuel.
New dynamics in a strong group
OLB and TARGOBANK operate highly complementary banking activities. OLB’s services are now available alongside TARGOBANK’s long-standing retail banking, car loan, factoring and leasing activities and services for large corporates. It has a recognized offering in structured finance, corporate financing and private banking through Bankhaus Neelmeyer.
“Germany is our second largest domestic market, so we are very well acquainted with it. We are confident that we can successfully deploy in Germany the bancassurance model that we have accomplished in France. Our growth potential is all the greater since this model is still fairly new in Germany. This acquisition also underpins our growth strategy abroad,” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale.
“The acquisition of OLB is a major milestone in the implementation of our Togetherness, Performance, Solidarity strategic plan. We now have all the necessary components to build a coherent bancassurance group in Germany, where we aim to see solid long-term development,” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.
“Together, TARGOBANK and OLB are a new force in the German market. This combination enables us to go further, faster and sustainably strengthen our position. This transaction is more than the sum of its parts : it creates an unprecedented dynamic. Under the auspices of TARGO Deutschland GmbH, we are combining our strengths, speeding up our development and starting a new phase for the benefit of our customers, our employees and the German society,” adds Isabelle Chevelard, who heads up TARGO Deutschland GmbH, chairs the Executive Board of TARGOBANK and the Supervisory Board of OLB. Further she holds the position of Country Manager for Germany at Crédit Mutuel Alliance Fédérale Group level.