Alpha Bank acquires Orange Money’s Romanian retail business
Alpha Bank Romania, a subsidiary of the Greek Alpha Bank Group, is set to acquire the Romanian retail business unit of Orange Money for an undisclosed sum.
Alpha Bank acquires retail business of Orange Money Romania
Through a business transfer agreement, the bank will absorb Orange Money Romania’s customer portfolio, digital assets, credit card portfolio and “strong team of digital banking specialists”.
Alpha Bank Romania, which is among the top 10 biggest banks in the country, says it plans to leverage the agreement to “become one of the key players in the Romanian digital banking space”.
Telecoms giant Orange launched Orange Money in 2016 as “a 100% digital alternative to traditional banking services”. It provides current and credit accounts, NFC payments and currency transfer services exclusively from within a mobile app.
“The strategic path of Orange Money has always been geared towards integrating the application and its products into a banking ecosystem and, in order to achieve this goal, we signed the transfer of the retail Orange Money business to Alpha Bank Romania,” explains Haris Hanif, CEO of Orange Money Romania.
Sergiu Oprescu, executive president of Alpha Bank Romania and general manager of the international network of the Alpha Bank Group, says the deal aligns with the bank’s strategy to “strengthen its position in the market” and boost its digital experience for customers.
The transaction is subject to regulatory approval and customary closing conditions.
