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Orange completes acquisition of Groupama Banque stake

Frenchtelecommunications firm OrangeSA completed the acquisition of a 65% stake in from insurerGroupama SA.

Orangeplans to rebrand Groupama Banque as Orange Bank from January 2017 and use it asa platform to launch a mobile bank. It will begin marketing Orange Bank duringthe first half of 2017, ultimately aiming to attract more than 2 millioncustomers.

AndréCoisne was named CEO of the lender after the acquisition. Completion followedapproval by French and European regulatory and prudential authorities, thefirms said Oct. 4.