Promontoria MMB announces the acquisition of BESV
Paris – 28 December 2018 – Promontoria MMB SAS (My Money Group) announced today the completion of the acquisition of Banque Espirito Santo et de la Vénétie (BESV), a credit institution specialized in advisory services and financing for companies as well as banking services for businesses and individuals.
This acquisition, announced in June 2018 by BESV’s majority shareholder, Novo Banco, is an opportunity for My Money Group to expand its product offering and broaden its activities into commercial banking.
Thomas Schneegans, CEO of My Money Group, has been named Chief Executive Officer of BESV. The current management team remains in place and will report to him and continue to support the bank activities. Alain Demarolle, Chairman of the Board of Directors of My Money Group, has also been named Chairman of the Board of Directors of BESV, and will work alongside two other directors: Eric Shehadeh, Chairman of My Money Group, and Thomas de Bourayne, member of the Board of Directors of My Money Group.
About My Money Group
Promontoria MMB SAS (My Money Group) is owned by funds managed by Cerberus Capital Management L.P. Since April 2017, the group owns My Money Bank (formerly GE Money Bank), an independent French bank operating in the fields of loan consolidation, auto financing, consumer credit and deposits. My Money Bank operates in mainland France and the French overseas territories. Its registered office is located in Paris and it has an operational centre of excellence in Nantes as well as an overseas presence via its subsidiaries in French Guiana, Martinique, Guadeloupe (Somafi-Soguafi), Reunion (Sorefi) and New Caledonia (Socalfi).
BESV is a French bank founded in 1945 that offers advisory, financing and banking services to companies and individuals.
A human-sized and customer centric bank, BESV is constantly focused on its customers, accompanying them through every step of their industrial and financial development.
Its mission is to advise them and provide them with the best financing solutions and the most comprehensive range of services and expertise.
Press release (pdf)