Gide on the establishment of Memo Bank, first independent French bank to be approved at European level
30 June 2020
Deals | France | Banking & Finance
Gide has advised Memo Bank on obtaining approval from the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudentiel et de resolution, or ACPR) and the European Central Bank (ECB).
Memo Bank is an independent bank offering credit, deposit and payment services to an SME client-base whose turnover exceeds EUR 2 million.
This is unprecedented in France. It is the first time in 50 years that an independent bank obtains approval as a credit institution upon its creation. The last bank to have achieved this is the Edmond de Rothschild bank. Even more unprecedented, this is the first time in France that an independent company is approved as a credit institution at European level by the ECB.
Gide's team comprised partner Jean-Guillaume de Tocqueville, working with associates Alexis Bonzom and Catherine Feunteun (doctors in law).