Telecoms firm Orange has sold its digital banking business in Romania to Alpha Bank Romania for an undisclosed sum.
Orange launched Orange Money Romania in 2016 as a fully digital alternative to traditional banking services.
Alpha Bank Romania, which is part of the Greece-headquartered Alpha Bank Group, has maintained a presence in Romania for over 30 years.
Under the agreement, Alpha Bank will acquire Orange’s employees, credit card portfolio and digital assets including mobile apps.
Alpha Bank said the acquisition will enable it to expand its customer base and offer a stronger suite of digital banking services.
“Thanks to a strong team of digital banking specialists, Orange Money Romania has grown steadily, becoming today a top digital financial solution, recognized by customers and the market for the quality of its services and innovative vision,” said Haris Hanif, chief executive of Orange Money Romania. “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.”
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