Orange signs deal to buy 65% of Groupama Banque

News Wireless France 22 APR 2016
Orange signs deal to buy 65% of Groupama Banque
Orange and Groupama have signed an agreement paving the way for Orange’s acquisition of a 65 percent stake in Groupama Banque, concluding exclusive talks that began in January. Groupama will keep the remaining 35 percent of the bank, which is due to be renamed Orange Bank ahead the launch of mobile banking services in France at the start of 2017. Orange Bank will offer current accounts, savings, loans, insurance and payment services, and aims to attract over 2 million customers. 

Orange chairman and CEO Stephane Richard said the agreement was a major step forward in the group’s ambition to diversify into mobile financial services as outlined in its Essentials2020 strategy. He added that after France the Orange Bank would be launched in Spain and Belgium. The completion of the transaction, which is expected during the third quarter, is subject to regulatory approvals. Financial terms were not disclosed.

Categories:

Mobile

Companies:

Orange,  Orange France

Countries:

Belgium,  France,  Spain

Tags:

e-Payment, Launch, Wireless, M&A buyouts & divestments

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