French telecommunications giant Orange Group is in exclusive negotiations with BNP Paribas to transfer its Orange Bank customers and exit the retail banking market. The company aims to develop financing solutions for mobile devices and explore the takeover of its Spanish business.
Facts
- Orange Group is in exclusive negotiations with BNP Paribas to transfer its Orange Bank customers and withdraw from the retail banking market.
- Orange Group’s board of directors have approved the partnership with BNP Paribas for the customer portfolio and financing solutions for mobile devices.
- Negotiations will also involve terms for a potential takeover of Orange Bank’s Spanish business.
- Orange’s decision to exit the retail banking market in France and Spain follows a strategic review of its banking business.
- No changes will occur in services, existing loans, or day-to-day operations for Orange Bank customers during the transition.
- Orange Bank maintains a solid balance sheet and emphasizes its commitment to supporting employees and customers transparently.
- Orange Bank, launched in November 2017, provides various banking services such as cards, savings accounts, personal loans, insurance, and mobile payments through its app. Its Spanish operations started in November 2019.
