Mobile network operator Orange is transferring its retail banking business in Romania – Orange Money – to Alpha Bank Romania
Orange mobile operator announced that it had reached an acquisition agreement with Alpha Bank Romania regarding the transfer of its Orange Money retail banking business.
The acquisition will involve the transfer of the whole local Orange Money digital ecosystem, including the mobile fintech platform itself, as well as customers, product portfolio, partners, suppliers and the team managing mobile financial operations in Romania.
Since 2016, Orange Money has been a popular alternative banking service in Romania. The business unit offers debit and credit card issuance, money transfer, bill payments and other financial services within an all-round digital experience. Orange Money customers will continue enjoying the same services without contractual changes under the new owner – Alpha Bank Romania.
Alpha Bank Romania was the first international bank to enter the Romanian market, maintaining active operations in the country for 22 years. This financial institution ranks among the top 10 banks in the country and is a member of the Alpha Bank Group, one of the largest banking and financial groups in Greece.
With this move, Orange Romania aims to focus on local growth, offering sustainable connectivity services and integrated digital solutions in line with the Orange Group’s international strategy “Lead the Future.”
The company has earlier exited the retail banking business in Spain and France in an effort to trim its operations and focus on the main prerogative – the telecommunications business.
The current transaction will affect only the Romanian market presence of Orange Group. The deal will be completed after receiving preliminary approvals from the relevant local authorities.