To cope with its losses, Auchan resolves to sell 50.1% of its subsidiary Oney Bank. What bail the cashier’s cash, but heartbreak seen the profitability generated by banking.
The deal is not yet signed, but Auchan has entered into exclusive negotiations with the BPCE group (Banque Populaire, Caisse d’Epargne) for this acquisition of majority stake.
Oney Bank, still 100% owned by Auchan Holding, has developed expertise in payment solutions, financing, but also in digital identification and insurance. The bank had posted in recent months its intention to become a European leader in split payment.
The profits generated by the subsidiary, too, were valuable to the group. In the first half of 2018, Oney earned a quarter of current operating income before tax from Auchan Holding. And its 31 million euros in net profit alone saved the distributor, which ended the semester with 4 million euros in net losses.