OLB Bank CEO: IPO Attempt Failed Due to Market Conditions

OLB Bank's CEO, Stefan Barth, stated that the bank's IPO attempt would have failed due to the market conditions. The bank was acquired by Crédit Mutuel Alliance Fédérale for over 1.8 billion euros. Barth emphasized that there will be no major layoffs and the OLB brand will remain intact. The integration project is already underway, and both parties expect the takeover to be completed in the first half of next year. Barth also confirmed that the bank's goals will not change, including growing deposits and credit business.