Orange Becomes Majority Shareholder Of Groupama Banque

(RTTNews) - Regulatory and prudential authorities, both in France and Europe, have given formal approval for the acquisition by Orange (ORAN) of 65% of the capital of Groupama Banque, which will be renamed Orange Bank as from January 2017.

Orange noted that 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.

Ultimately, Orange Bank seeks to attract more than 2 million customers in France.