Orange Romania agreed terms for the sale of its digital banking unit to Alpha Bank, as part of the wider groups’ strategy to exit the banking sector in Europe.
Orange’s Romanian unit stated the move enables it to focus on growth at the local level by offering sustainable connectivity services and integrated digital solutions.
Orange Money was launched in Romania in 2016 as an alternative to traditional banking services, offering customers services such as debit and credit cards, transfers, payments and other daily financial functions.
The operator will transfer over its Orange Money digital ecosystem, which includes its mobile fintech platform, as well as partners, suppliers and its mobile finance operations team.
Customers of Orange Money will continue to see regular service with no changes. Financial details of the deal were not revealed.
Orange Money Romania CEO Haris Naif said: “Thanks to a strong team of digital banking specialists, Orange Money Romania has grown steadily, becoming a leading digital financial solution, recognised by customers and the market for the quality of its services and innovative vision.
“Orange Money's strategic approach has always been to see the integration of the application and its products into a banking ecosystem and, to achieve this goal, we signed the transfer of the Orange Money retail business to Alpha Bank Romania. Alpha Bank's experience will provide continuity to our customers, and their banking products will enrich the suite of services that Orange Money users have access to today.”