Orange, a telecommunications company, has started exclusive talks with BNP Paribas about acquiring its retail banking division.
Orange has agreed to a contract to transfer its two million retail banking accounts to BNP Paribas as part of a strategic review that was begun a few months ago. The two companies will also collaborate to develop finance solutions for mobile devices. The details of an acquisition of Orange Bank’s operations in Spain will also be discussed by the two parties.
The deal is a part of Orange’s larger plan to gradually remove Orange Bank from the French and Spanish retail banking markets. The telco claims that throughout the negotiations, all client services will remain the same.
Read More: BNP Paribas in talks to takeover Orange Bank