French banking group Groupe BPCE has agreed to purchase German digital challenger bank Fidor Bank for an undisclosed sum.

The acquisition of Fidor aligns with Groupe BPCE's strategy "Another Way to Grow" and will support the acceleration of the rollout of its digital strategy, the French bank said.

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Groupe BPCE chairman of the management board François Perol said: "This operation constitutes a key step in the acceleration of the digital transformation of our group.

“It further demonstrates our commitment to innovation, to develop a customer centric approach enabled by a digital banking technology and to be more involved in digital and mobile banking field. We are very proud and happy to welcome Fidor's teams, community and clients within Groupe BPCE."

Fidor, founded by its CEO Matthias Kroner in 2009, currently has a network of about 350,000 members and 120,000 customers in Germany and the UK. The bank recently collaborated with telecom operator Telefonica to launch a mobile bank account for Telefonica customers.

Kroner will continue to serve as a shareholder of Fidor Group and its CEO following the acquisition.

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"In a world of increasing volatility it is important to be member of a strong group. We are excited to have such a well-established partner as BPCE in the financial world that recognises the need for a customer-centric and entrepreneurial approach to banking and innovation," Kroner satted.

The deal is expected to be completed in the fourth quarter of 2016, subject to regulatory approval.