(Reuters) - BNP Paribas (BNPP.PA), France’s biggest bank by market capitalization, is to buy online retail banking service Financiere des Paiements Electroniques, as BNP Paribas steps up its investments in the digital banking sector.
Financiere des Paiements Electroniques provides the payments accounts for Compte Nickel, an online French retail banking service co-founded by former SocGen (SOGN.PA) communications executive Hugues Le Bret.
The financial terms of the deal were not disclosed by the companies.
French banks have steadily boosted their online and mobile-based operations to tackle low-cost internet competitors and a drop in the numbers of clients coming into branches, which have hurt profits and forced branch closures.
Reporting by Sudip Kar-Gupta; Editing by Stephen Coates