Press release: The Orange Group announces the completion of its strategic review of Orange Bank and the opening of exclusive negotiations with BNP Paribas
29 6월 2023 - 5:00AM
Press release: The Orange Group announces the completion of its
strategic review of Orange Bank and the opening of exclusive
negotiations with BNP Paribas
Press release
Paris, 28 June 2023
The Orange Group announces the
completion of its strategic review of Orange Bank and the opening
of exclusive negotiations with BNP Paribas
Intention to withdraw from the retail
banking market
Entry into exclusive negotiations with BNP
Paribas to support Orange Bank customers
Priority given to employee support
measures
All Orange Bank customer services to be
maintained throughout the process
As part of a strategic review launched several
months ago, Orange initiated a search for a partner to support the
development of its banking subsidiary. Following work carried out
by the Group's general management in conjunction with an Ad Hoc
Committee made up of the Chairpersons of the Board Committees, and
taking into consideration the various analyses and offers already
received, the Group’s Board of Directors has agreed to enter into
exclusive negotiations with BNP Paribas to define a referral
partnership for the Orange Bank customer portfolio in France, and
to develop financing solutions for mobile devices. The two groups
will also discuss the terms of a takeover of Orange Bank's business
in Spain.
This partnership with BNP Paribas, which will
provide a continuity solution for Orange Bank customers, is part of
Orange’s wider intention to progressively withdraw Orange Bank from
the retail banking market in France and Spain. This decision was
taken without the presence of the Chairman of Orange's Board of
Directors, who chose to withdraw from the decision-making and
voting process given his membership of the Board of BNP Paribas.
This operation, which only concerns Orange’s activities in France
and Spain, will have no impact on the Group's financial trajectory
for the 2023-2025 period as presented at the Capital Market Day on
16 February 2023.
This project will be subject to various
information and consultation procedures with employee
representative bodies, which will begin shortly. The process will
be conducted in full transparency, providing information on actions
undertaken to find a partner and with priority being given to
informing and supporting all employees (internal redeployment,
training). The Group will also work closely with all the relevant
authorities and regulators.
Throughout the process, there will be no change in
services, in existing loans or day-to-day operations for customers,
including the taking of deposits and the granting of loans. The
full range of information on Orange Bank products and services will
continue to be available on orangebank.fr and orangebank.es.
Orange Bank today has a solid balance sheet and
will continue to meet all its regulatory obligations until its
future withdrawal from the market.
Christel Heydemann, Orange Group CEO commented:
"I'd like to thank our teams who, thanks to their hard work and
commitment, have made Orange Bank a bank that today serves over two
million customers and that benefits from one of the best
applications on the market. The evolution of the banking market now
leads us to guide the bank into a new phase. Our priority will be
to provide exemplary support for all our employees and customers.
This process will be carried out in complete transparency, within
the framework of our dialogue with our staff representative bodies.
I know that I can also count on the commitment and excellence of
the teams at BNP Paribas to provide the best possible support for
our customers".
Thierry Laborde, Chief Operating Officer of BNP
Paribas said: "As a long-standing partner of the Orange Group and
Orange Bank, we are naturally delighted to be able to provide a
complete continuity solution to Orange Bank customers following
Orange Group’s strategic choice to withdraw from retail banking.
Whether it's day-to-day digital banking with Hello Bank, consumer
credit with BNP Paribas Personal Finance, or insurance, which we
already operate through a partnership between BNP Paribas Cardif
and Orange, we will support customers with a solid banking package
and high-performance services".
About Orange
Orange is one of the world’s leading
telecommunications operators with revenues of 43.5 billion euros in
2022 and 136,000 employees worldwide at 31 March 2023, including
74,000 employees in France. The Group has a total customer base of
288 million customers worldwide at 31 March 2023, including 243
million mobile customers and 24 million fixed broadband customers.
The Group is present in 26 countries. Orange is also a leading
provider of global IT and telecommunication services to
multinational companies under the brand Orange Business. In
February 2023, the Group presented its strategic plan "Lead the
Future", built on a new business model and guided by responsibility
and efficiency. "Lead the Future" capitalizes on network excellence
to reinforce Orange's leadership in service quality.
Orange is listed on Euronext Paris (symbol ORA)
and on the New York Stock Exchange (symbol ORAN).
For more information on the internet and on your
mobile: www.orange.com, www.orange-business.com and the Orange News
app or to follow us on Twitter: @orangegrouppr.
Orange and any other Orange product or service
names included in this material are trademarks of Orange or Orange
Brand Services Limited.
Press contacts
Orange:
Tom Wright ; +33 6 78 91 35 11 ;
tom.wright@orange.com
Sylvain Bruno ; +33 6 86 17 88 89 ;
sylvain.bruno@orange.com
BNP Paribas:
Hacina Habchi ; +33 7 61 97 65 20 ;
hacina.habchi@bnpparibas.com
Astrid Wernert ; +33 7 62 52 36 41 ;
astrid.sancho@bnpparibas.com
- CP_OrangeBank_BNPParibas_EN_280623
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