Orange Bank

Performance indicators

2017-2022

Orange Bank suffered huge operating losses. From the moment the work began in 2017 until the end of 2022, operating losses reached €1.025 billion. During this period, the company's net bank income amounted to €449 million.

History

2023: Bank Closure

At the end of June 2023, it became known that the French telecommunications company Orange decided to curtail its banking business due to large losses and the inability to achieve its goals.

Orange has decided to wind down its banking business

The Orange operator believed its chain of stores, established customer relationships and a wealth of experience in telecommunications were offsetting a lack of skills and know-how in the banking sector. However, due to high competition in the banking region, it was not possible to achieve the planned indicators. Orange Bank is reportedly in talks with French financial conglomerate BNP Paribas to transfer customers and assets as part of a business turnaround. The goal is for Orange Bank customers to continue to enjoy a full range of products and services. Negotiations with BNP Paribas focus on defining a "referral partnership" in France, as well as "financial solutions for mobile devices." In addition, the conglomerate BNP Paribas' purchase of Orange Bank's business in Spain is being discussed.^[1]

As of mid-2021, the user base of Orange Bank was about 1.6 million people, and by the end of March 2023 - about 2 million.

2017-2021

Orange Bank was founded in 2017. Up to a third of all Orange customers could show interest in banking services, it said at the time. This meant that in France alone, Orange Bank could potentially serve approximately 9 million people. In 2020, Orange Bank announced its intention to break even in Europe by the end of 2023, with almost 5 million customers. However, difficulties arose with the development of the business.

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