Groupama and Orange announced that they are entering exclusive negotiations with a view to working in partnership to develop a new banking model that will enable Groupama to strengthen its online banking business and Orange to successfully diversify into banking services.
The launch of “Orange Bank” is planned for the start of 2017 in France, followed by other European markets such as Spain or Belgium. The services offered will cover all standard banking services as well as savings, loans and insurance services.
These negotiations could result in the acquisition by Orange of a 65% stake in Groupama Banque, enabling it to benefit from an existing operational infrastructure for the launch of Orange Bank.
From its creation, Groupama Banque has positioned itself as a multi-channel bank. Orange will bring its digital knowledge to develop a 100% mobile offer corresponding to new uses increasingly employed by the two partners’ customers. The partnership with Orange will accelerate the deployment of such innovative banking offers and will leverage the network of local Orange stores as well as the highstreet branches of Groupama and its subsidiary Gan.
During the presentation of the “Essentiels2020” strategic plan in March 2015, Stéphane Richard, Chairman and Chief Executive Officer of Orange, announced the Group’s ambition to diversify its operations by capitalizing on its assets and in particular by concentrating its efforts on mobile banking, which offers important growth prospects. The plan’s objective is to reach 400 million euros of revenues in financial services in 2018.