Progress for Ma French Bank and La Banque Postale
La Banque Postale published its good 2021 results a few days ago. The group attributes them to the relevance of its diversified banking strategy. It also states that it wants to continue the development of its digital bank Ma French Bank, whose objectives are maintained despite the context.
Facts
- Ma French Bank currently has 425,000 customers. It has managed to attract 145,000 new customers in 2021 and reach one third of its announced objectives. Ma French Bank still plans to attract 1.3 million customers by 2025.
- To do this, it will double its points of sale; the offer is now distributed in more than 7,400 post offices.
- More globally, La Banque Postale Group’s net income exceeded one billion euros in 2021, up 36.2%.
- La Banque Postale is taking advantage of this opportunity to clarify its ambitions regarding the increase to 100% of the capital of CNP Assurances.
Issues
- A necessary opening for Ma French Bank: Last October, Ma French Bank left behind its model of a bank focused primarily on young people. After gaining market share among the most modest populations, the mobile bank rethought its approach by launching its Ideal Account, a premium version of its offer. A strategy to rebound, while Ma French Bank has attracted fewer customers in 2021 than in 2020 (+160,000).
- Justifying a galloping diversification: For La Banque Postale, the publication of its good results represents a way to legitimize its diversification policy and the construction of its group around four business lines. Its bancassurance activity now represents only 60% of its net income (71% of revenues). 20% of its income (12% of revenues) is attributed to its corporate and investment banking activity (CIB), 6% of its income comes from wealth management and asset management and the remaining 14% from its international activity.
- Becoming the preferred bank of the French: This structure does not prevent La Banque Postale from wanting to become the preferred bank of the French by 2025. Its status as a company with a mission represents a lever to support this strategy, as well as the “digitalization” of the bank’s services. Ma French Bank is thus cited as a major tool for the group to achieve its objectives.
Perspectives
- La Banque Postale has just been recognized as a company with a mission, following the transformation of its group carried out earlier in June 2021. This certification represents a confirmation of its ecological and social commitments.
- These are commitments that La Banque Postale intends to keep for the years to come. The group remains aware that its results for 2021 were driven by dynamic commercial activity in a fragile economic context. All the more fragile given the new geopolitical situation in Europe.
