Four years after its launch, Orange continues to develop Orange Bank


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Press release
Paris, October 1, 2021

Four years after its launch, Orange continues to develop Orange Bank

To strengthen the development of Orange Bank, Orange continues to invest in its bank. A capital increase of 230 million euros will accelerate the growth projects envisaged in the bank’s strategic plan. The Group has also entered into an agreement with its long-standing partner, Groupama, to buy back its 21.7% stake while maintaining the excellent commercial relationship.

With 1.6 million customers in France and Spain1, Orange Bank is now part of the top 5 neobanks in France after only four years of existence. This success continues to build with more than 40,000 new customers each month and more than 1 billion euros in loans to be extended by the end of the year. In addition, while the majority of neobanks have continued to deploy a free use model, more than 90% of new Orange Bank customers subscribe to a billed service.

These figures also reflect the success of the strategy of convergence between telecoms and financial services, pursued from the initial launch of the bank. For example, in France, the average expenditure per customer who also subscribed to an Orange Bank payment facility has doubled. In addition, thanks to the Group’s distribution network, for 100 sales related to mobile telephony, 35 bank sales are made. In Spain, the attrition rate of Orange customers who have subscribed to the Orange Bank offer has halved.

Finally, from a financial standpoint, Orange Bank should significantly reduce its losses in 2021 thanks to an increase in NBI (Net Banking Income), up 57% in H1 2021 compared to H1 2020, and lower management costs. thanks to investments in the bank’s processes over the last three years. Thus, management costs per customer have fallen by 35% since 2018. This trajectory – which includes significant investments to create a new modern digital bank that meets the expectations of Orange customers – was planned from the outset. The rate at which the bank is moving towards equilibrium is comparable, if not faster, than that of its peers in the neobanking sector.

Building on this success, Orange has decided to step up the development of Orange Bank. To do this, the bank will continue to invest in its platform to maintain its technological lead. New activities will be developed in partnership with the best fintechs: after the acquisition of Anytime to address the Professional / SME sector and the signing of a strategic partnership with Younited for credit, a call for tenders is underway for new insurance offers.

The closing of this transaction is subject to customary approvals. The value of the transaction remains confidential. Groupama will, however, remain a major commercial partner, having extended the exclusivity granted to Orange Bank for current banking and consumer credit until 2028.

Paul de Leusse, CEO of Orange Bank said “We would like to thank Groupama for his commitment to the success of Orange Bank. We are now accelerating our industrial and geographic strategy development strategy for a bank which is inherently designed to be accessible to everyone and used on the mobile phone. This new ambitious phase, that reflects the fundamentals of the Orange group values, will give rise to a new advertising slogan which will be unveiled on Sunday on television and digital channels.

We wish Orange Bank every success in its new strategic development plan,“declared Thierry Martel, CEO of Groupama. “We appreciate the partnership we have built over the years with Orange Bank and are determined to continue to work together in the years to come.”

About Orange
Orange is one of the main telecommunications operators in the world with a turnover of 42.3 billion euros in 2020 and 139,000 employees as of June 30, 2021, including 80,000 in France. The Group had a total customer base of 263 million customers worldwide as of Wednesday, June 30, 2021, including 218 million mobile customers and 22 million fixed broadband customers. The Group is present in 26 countries. Orange is also one of the world’s leading providers of IT and telecommunications services to multinational companies, under the Orange Business Services brand. In December 2019, the Group presented its new strategic plan “Engage 2025”, which, guided by social and environmental responsibility, aims to reinvent its operator model. While accelerating in growth areas and placing data and AI at the heart of its innovation model, the Group will be an attractive and responsible employer, adapted to emerging businesses.

Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).
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Orange and any other Orange product or service name included in this document are trademarks of Orange or Orange Brand Services Limited.

Press contact
Tom Wright, 06 78 91 35 11, [email protected]
Sylvain Bruno, 06 86 17 88 89, [email protected]
Emmanuel Gauthier, 06 76 74 14 54, [email protected]

1 Composed of 800k banking customers and 800k insurance customers.

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