Telco Altice plans online bank - Reuters

Telco Altice plans online bank - Reuters

Altice is the latest telecoms operator with designs on entering the European online banking market, according to a report from Retuers.

Run by French billionaire Patrick Drahi, Altice has reportedly applied to the European Central Bank for a banking license and plans to launch an online bank by spring 2019.

The bank would be named Alticebank and would operate across its European networks. In Europe, Altice owns French telecoms group SFR and is also present in Portugal, Belgium, Luxembourg and Switzerland.

Altice will follow fellow telco Orange, which acquired a 65% stake in Groupama Banque last year to launch an app-only bank. Initially, scheduled for launch this week, the Orange Bank opening has been delayed until late Summer as the firm continues testing its offering with staff.

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