By Mauro Orru

Orange is entering into exclusive negotiations with BNP Paribas over the sale of Orange Bank as the group seeks to pull out of the retail banking market.

The French telecommunications company said late Wednesday that the talks would focus on the Orange Bank customer portfolio in France, and the terms of a takeover of Orange Bank's business in Spain.

Orange Bank carries a solid balance sheet with over two million customers, said Orange Chief Executive Christel Heydemann, and the process will have no impact on the group's financial targets through 2025.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

June 29, 2023 01:38 ET (05:38 GMT)

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