Orange in Talks With BNP Paribas for Retail Banking Withdrawal

Orange has announced its decision to seek a strategic partner to support the growth of its banking subsidiary. After a thorough evaluation process involving the Group’s management and an Ad Hoc Committee, Orange‘s Board of Directors has agreed to enter exclusive negotiations with BNP Paribas.

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Focus on Referral Partnership and Mobile Device Financing

According to the statement, the primary focus of these discussions is to establish a referral partnership for Orange Bank’s customer portfolio in France and explore financing solutions for mobile devices. Additionally, the two entities will explore the possibility of BNP Paribas acquiring Orange Bank’s business in Spain.

Also Read: Orange Spain, Ericsson Deploy 5G+ Network and Fibre to Power Madrid Festival

This partnership with BNP Paribas marks an important step in Orange’s strategy to gradually withdraw from the retail banking market in France and Spain. Notably, the decision-making process excluded the Chairman of Orange’s Board of Directors, who opted out due to their affiliation with BNP Paribas.

The agreement exclusively pertains to Orange’s operations in France and Spain and is expected to have no impact on the company’s financial trajectory for the 2023-2025 period, as previously communicated during the Capital Market Day on February 16, 2023.

Also Read: Orange Secures EUR 71.6 Million Contracts for 5G Infrastructure on High-Speed Rail Lines in Spain

Gradual Withdrawal from Retail Banking Market

Customers of Orange Bank can rest assured that there will be no disruption to services, existing loans, or day-to-day operations. All banking products and services will continue to be available through orangebank.fr and orangebank.es. Orange Bank maintains a strong financial position and will fulfil all regulatory obligations until its eventual withdrawal from the market.