Credit Mutuel-backed Targobank to acquire Oldenburgische Landesbank.

Credit Mutuel-backed Targobank, a German bank mainly operating in the retail, business and corporate customer segments, agreed to acquire Oldenburgische Landesbank, a German bank. Financial terms were not disclosed. “The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine," Daniel Baal, Crédit Mutuel Chairman.