Orange is slated to leave mobile banking in Romania

Orange Romania has finalised an agreement to transfer ownership of its digital bank to the local branch of Alpha Bank. This decision follows Orange Group's announcement two months ago regarding its intention to withdraw from retail financial services in France and Spain. Orange Romania clarified that this exit would enable a more focused approach to a local growth strategy centred around connectivity services and integrated digital products, aligning with the broader objectives of the Orange Group. The digital bank, Orange Money, was launched in Romania in 2016 and offers various digital banking services such as credit and debit cards and mobile payment solutions. The transfer encompasses Orange's financial technology platform, customer base, products, employees, and existing agreements with suppliers, all of which will be acquired by Alpha Bank Romania.

The financial details of the transaction were not disclosed in the statement. Haris Hanif, CEO of Orange Money Romania, emphasised that the transfer aligns with the unit's strategic approach of integrating the application and its products into a broader banking ecosystem. It is important to note that this deal exclusively pertains to Orange's operations in Romania and is contingent upon receiving regulatory approvals and completing other standard procedures. In a separate development in June, Orange engaged in exclusive discussions with BNP Paribas regarding a potential deal for BNP Paribas to take over Orange Bank in France and Spain.