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Telecom firm Altice Portugal looking to expand into financial services, CEO says

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Telecom firm Altice Portugal looking to expand into financial services, CEO says

Telecommunications company Altice Portugal is in talks with two local banks about how to potentially expand into financial services in 2019, Reuters reported, citing CEO Alexandre Fonseca.

Fonseca did not elaborate on the type of services the company plans to deliver, but said it aims to develop a new generation of financial services by focusing on digital channels within banks, according to the report. Fonseca did not identify the two lenders selected as Altice Portugal's potential partners.

In 2017, Reuters reported that Patrick Drahi, founder of parent company Altice Europe, was planning to introduce an online bank service across several European countries where the company operates.

Fonseca said that plan had been shelved, but that should not hinder the Portuguese unit from offering its own financial services, the newswire said.