February 27, 2018 / 3:32 PM / 24 days ago

France's Banque Postale to launch online bank in 2019

PARIS, Feb 27 (Reuters) - French state-owned Banque Postale, part of the French postal service, said on Tuesday it would launch its online bank “Ma French Bank” in spring 2019.

This comes as French banks are boosting their online business to counter low-cost Internet competitors, and a drop in the numbers of clients coming into their branches, both of which are hurting profits.

La Banque Postale said its online bank will offer “everyone an opportunity to open an account, without condition of resources” via a mobile phone or a post office.

The bank reported on Tuesday a 10.1 percent rise in 2017 net profit to 764 million euros, while its balance sheet stood at 231.5 billion euros as of end-2017. (Reporting by Maya Nikolaeva, editing by David Evans)

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