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France's Crédit Mutuel Arkéa taking 19.5% stake in software company

France's Crédit Mutuel Arkéa SACC said Jan. 20 that it would take a 19.5% in software company Vermeg as it seeks to increase its presence in digital banking.

Arkéa is planning to launch new retail banking operations aimed at combining traditional retail and online banking by 2020.

Vermeg specializes in financial software and works with insurers and institutional investors, private equity firms, asset managers, depositories and central banks. Present in France, Belgium, Luxembourg, the Netherlands and Tunisia, Vermeg had sales of 53 million in 2016.

The financial details of the transaction were not disclosed.