Wed. Apr 24th, 2019

The Bank of Spain authorizes Orange Bank to operate in the country

The Bank of Spain authorizes Orange Bank to operate in the country



The Bank of Spain has authorized the French entity Orange Bank, the mobile bank of the operator Orange, to operate in the country, the Spanish entity reported Friday.

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A spokesperson for Orange Bank has confirmed to Efe that the aforementioned authorization has been obtained, and added that it is merely an "administrative procedure" necessary to start operations, which they will do, predictably, starting in September.

According to the Bank of Spain, Orange Bank was registered on April 1 in the register of entities authorized to provide banking services in Spain, at the request of the Bank of France and as a branch of the French bank of the same name, the same case as the entity of Dutch origin ING.

The idea of ​​the subsidiary of the French group is to start operating in Spain from next September, but still does not want to advance details about the services it will offer, given that it is "a process that is still under development," they add from Orange Bank.

The banking business of the French telecommunications operator has been working for months to enter to compete in the Spanish financial system.

Last February, the CEO of the Spanish subsidiary, Laurent Paillassot, announced that his initial intention is to offer "very simple" services, such as modern means of payment or credits, to the operator's clients and to expand products over time, to way of "alternative" to traditional banking.

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