French banking group Crédit Agricole is expanding into Belgium with the launch of its online bank. The firm is initiating an offensive centered on an extensive range of savings accounts and term deposits offering attractive returns, according to reporting by Belgian business newspaper L'Echo.
Broad array of savings and term deposits
Through its digital banking platform, Crédit Agricole is seeking to attract Belgian retail savers looking for competitive yields on their deposits. The product lineup includes multiple types of savings accounts as well as term accounts. While exact interest rates and detailed account criteria were not quantified in the report by L'Echo, the group intends to gain market share by promoting attractive financial returns to domestic consumers.
Dual strategy alongside Crelan shareholding
The move marks a notable development within the Belgian banking landscape. Crédit Agricole recently increased its equity stake in Belgian cooperative lender Crelan. According to L'Echo, introducing a standalone online retail offering while simultaneously holding capital in Crelan represents a surprising strategic decision on the Belgian market.
