The Otto Group established the Hanseatic Bank in 1969 as a consumer credit institution, providing consumer loans to its customers. The institution was converted to a chartered universal bank in 1976.

In February 2005, the Otto Group sold 75 percent of the company to the major French bank Société Générale, exploiting the strategic partnership in order to offer a broader and more diverse range of services.

Drawing on a variety of channels (its network of branches, the Internet and its service centre) the Hanseatic Bank provides Group and non-Group customers with instalment credit and mortgages. The Bank also specialises in sales financing and in marketing revolving credit cards.