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Orange sells Romanian banking unit to Alpha

Orange sells Romanian banking unit to Alpha

Telco giant Orange has agreed to sell its digital banking operations in Romania to local player Alpha Bank. Financial terms were not disclosed.

Alpha takes on Orange Money Romania's client portfolio, technology assets such as the mobile app, credit card portfolio, and employees.

Orange launched its banking service in Romania in 2016 but has been pulling back from financial services as part of a strategic review.

Recently, the firm entered exclusive negotiations with BNP Paribas for the takeover of its retail banking business in France and Spain, where it has around two million customers.

Haris Hanif, CEO, Orange Money Romania, says: "Alpha Bank's experience will provide continuity to our clients, and their banking products will enrich the suite of services that Orange Money users have access to today."

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