French telecom operator Orange has received the go-ahead for its acquisition of 65% of the capital of France’s Groupama Banque to launch its mobile banking service.
The deal, announced in April 2016, secured the approval of regulatory and prudential authorities in France as well as Europe.
From January 2017, the French lender will be rebranded as Orange Bank, which will offer current accounts, savings accounts, credit and payments.
The new bank offer will be marketed in France during the first half of 2017, and distributed across Groupama Group’s networks from the second half of 2017.
Orange chairman and CEO Stephane Richard said: “The acquisition of a majority interest in Groupama Banque allows the Group to pursue its strategy of diversification in mobile financial services through the creation of Orange Bank.
“This partnership with Groupama is an important step forward that will lead to the development of an innovative, 100% mobile offer that meets new customer expectations for simplicity, transparency and personalization.”
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The new mobile bank will be part of the Orange Group’s customer experience and mobile banking function that is headed by deputy CEO Marc Rennard. The bank will be led by Andre Coisne as CEO.
Groupama CEO Thierry Martel said: “Orange’s entry into Groupama Banque’s capital is an important part of Groupama’s ongoing strategy to offer broad-ranging and innovative financial services. With the launch of Orange Bank, Orange and Groupama will work together to develop a new and disruptive model for banking services that will offer an unprecedented customer experience.”