The French telecommunications group Orange is withdrawing from the retail banking business.
The company announced that it has entered into exclusive negotiations with BNP Paribas to sell the business.
The talks focused on Orange Bank’s customer portfolio in France and the terms of the acquisition of Orange Bank’s business in Spain.
Orange Bank has a solid balance sheet with over 2 million customers, said Orange CEO Christel Heydemann. The sale process will not impact the Group’s 2025 targets.
Orange shares temporarily gained slightly in trading on EuroNext by 0.25 percent to 10.54 euros. At the same time, BNP Paribas shares rose 0.81 percent to EUR 56.31.
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