The French telecom giant, Orange enters into exclusive negotiations with Groupama to create Orange Bank, a mobile banking unit. The creation of Orange Bank is planned for early 2017 for France and is to be followed by other European markets such as Spain or Belgium. The multi-channel bank will cover all standard banking services as well as savings, loans and insurance services.
The negotiations could result in the acquisition by Orange of a 65% stake in Groupama Banque, enabling it to benefit from an existing operational infrastructure for the launch of the new mobile bank. For Groupama, the partnership with Orange will accelerate the deployment of such innovative banking offers and will leverage the network of local Orange stores as well as the high street branches of Groupama and its subsidiary Gan.
Stéphane Richard , Chairman and Chief Executive Officer of Orange
Orange benefits from a unique combination of essential assets that will enable it to successfully launch a highly innovative, 100% mobile bank. These include a strong brand embodying key values such as security and reliability, a solid distribution network and above all the confidence of 28 million customers in France.
Thierry Martel, CEO of Groupama
This partnership sits perfectly with Groupama’s strategy, which has always focused offering broad-ranging, innovative services to our policyholders and customers. From its creation Groupama Banque has set itself apart from traditional banking models by offering its customers unprecedented benefits.
