This morning we learned a little more about the sale of the Orange Group's banking activities under the name Orange Bank, which could finally be acquired by BNP Paribas. Let's find out some details about this operation.
It is after three years of rather mediocre results that the Orange group is looking for a banking partner to take over the activities of its online bank Orange Bank. After significant losses, Groupama, which is the majority shareholder of this brand, wants to stop the costs by favouring a takeover by a banking group.
But in reality, only BNP Paribas is currently at the top of the list for this takeover and Orange considers that a partnership with this banking group would be solid. BNP Paribas, meanwhile, plans to take advantage of Orange's international network in Africa, Spain and Poland and offer financial, insurance and credit services to individuals and businesses through the platform. It already owns the online bank Hello Bank, which also needs to accelerate to become profitable, which would probably be possible with the acquisition of Orange Bank.
But BNP Paribas intends to take control of Orange Bank and will not limit itself to a minority position, which seems to be a problem for Orange, which wants to keep the brand while only giving up control of its online bank.
On the competitors' side, even Boursorama seems unappealing, as does Société Générale, which is focused on its merger project with Crédit du Nord.
Finally, the Crédit Agricole is not particularly excited either. Indeed, it has just proceeded to the rescue of its online bank BforBank which is still losing money and needs an alliance allowing it to become profitable again. But it stresses that it does not know the real business and active customers of Orange Bank. The group also says that Crédit Agricole does not want to continue to manage the customers of Groupama, which is its eternal rival.
The other banks have already refused to apply, including the Banque Postale, which has just launched its online bank Ma French Bank, and the Banque Populaire, which is focusing on the digitalization of its networks and does not need an alternative bank.
As for Crédit Mutuel, it is in the process of selling its joint bank with the Casino group , Floa Bank, for which BNP Paribas could also be a buyer today.