Orange Bank History & Strategic Shift and Exit from Banking 2022

Orange Bank, S.A., was a retail banking venture by the French telecommunications corporation Orange S.A.. Launched in late 2017, it aimed to provide innovative financial services adapted to local needs.

Orange Bank

However, in 2024, Orange decided to exit the retail banking market in both France and Spain.

History

Orange Bank was part of the vision of former Orange S.A. chief executive Stephane Richard. It launched in France in late 2017, with the goal of providing banking services to complement Orange's telecommunications offerings. In 2019, the bank expanded into Spain.

Operations

Orange Bank offered a range of banking, insurance, and loan services. At the end of 2022, it served 2 million banking customers in Europe. Despite steady customer acquisition, the bank faced challenges in achieving profitability and abandoned plans to expand into Belgium, Poland, and Slovakia.

Strategic Shift and Exit from Banking

In early 2022, Christel Heydemann succeeded Stephane Richard as the head of Orange S.A., initiating a strategic review of Orange Bank. By 2024, Orange S.A. made the decision to withdraw Orange Bank from the retail banking market in France and Spain. Orange S.A. has entered into exclusive talks with BNP Paribas to support Orange Bank's existing customers in France, with the possibility of transferring them to BNP Paribas services. The two companies will also explore developing financing solutions for mobile devices and discuss a potential takeover of Orange Bank in Spain. Orange S.A. has assured customers that day-to-day banking services would remain unaffected during the transition. Orange S.A. will also work to retrain and redeploy Orange Bank staff within the group.