The French telecoms giant, Orange has inked an agreement with Groupama to acquire 65% stake in Groupama Banque to launch 100% mobile banking service. Groupama will retain the remaining 35%.
Under the joint venture, the new Orange Bank will offer all essential banking services over a platform that provides customers with a unique digital experience on their mobile phones. The services proposed will cover current accounts, savings, loans and insurance services, as well as payment. The combined ambition for the two groups is to attract over two million customers in France.
Stéphane Richard, Chairman and Chief Executive Officer of Orange
Groupama Banque will bring an existing banking structure as well as considerable experience in managing customer relations remotely within a banking context. This will enable us to move forward rapidly in order to provide our customers with an innovative, 100% mobile banking service, first in France and then in Spain and Belgium.
Thierry Martel, CEO of Groupama
This partnership represents an important step for Groupama. It will enable us to leverage Orange’s technical know-how and its expertise in digital services to accelerate our existing online banking activity.
