Regulatory and prudential authorities, both in France and Europe, have given formal approval for the acquisition by Orange of 65% of the capital of Groupama Banque, which will be renamed Orange Bank as from January 2017.
The teams will now devote themselves entirely to the development of Orange Bank under the leadership of André Coisne, who has been appointed Chief Executive Officer of the bank. Orange Bank is part of the Orange Group’s Customer Experience and Mobile Banking function, which is led by Marc Rennard, Deputy Chief Executive Officer.
The Orange Bank offer will be marketed in France during the first half of 2017. Customers will be able to subscribe directly through the mobile app, via the website or in one of Orange’s 140 accredited stores. The offer will also be distributed across Groupama Group’s networks from the second half of 2017. This innovative offer, specifically designed for mobile uses, will include current accounts, savings accounts, credit and payments from launch.
Ultimately, Orange Bank seeks to attract more than 2 million customers in France.
Stéphane Richard, Chairman and CEO of Orange, commented: “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.”
Thierry Martel, CEO of Groupama, 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. I am very happy that Groupama is joining forces with Orange to build the bank of the future.”