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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe    ATC   NL0011333752

ALTICE EUROPE (ATC)
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Orange to launch online banking service on Nov. 2

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10/03/2017 | 02:04pm CEST
Attendees visit the Orange workshop at the Viva Technology conference in Paris

PARIS (Reuters) - French telecoms group Orange (>> Orange) plans to launch an online banking service on Nov. 2 as it seeks to add another source of revenue to its core services.

PARIS (Reuters) - French telecoms group Orange (>> Orange) plans to launch an online banking service on Nov. 2 as it seeks to add another source of revenue to its core services.

The move highlights the heightened competition in retail financial services, with mobile telecoms network operators seeing increased smartphone ownership and reduced use of bank branches as an opportunity to compete with traditional lenders.

The company had originally scheduled the launch of Orange Bank on July 6 but then postponed, citing the need to "extend and broaden the test phase".

"The commercial launch will take place on Nov. 2," said the spokesman, confirming an earlier report by French newspaper La Tribune.

Orange Bank is to offer its customers use of an instant, secure mobile payment service as well as a free debit card. Its online app will also make it possible for users to transfer money via a text message to another Orange account.

France's largest online banks, ING Direct and SocGen's Boursorama (>> Société Générale), have some 1 million clients each. Orange Bank aims to win some 2 million customers in 10 years and break even in four to five years.

The new service was formed after the acquisition of a 65 percent stake in Groupama Banque last year.

Orange's rival Altice (>> Altice), which owns France's second biggest network operator, also has ambitions to launch an online bank, by early 2019 in the European countries where it operates, a source close the matter said in July.

(Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta, Greg Mahlich)

Stocks treated in this article : Orange, Société Générale, SFR Group, Altice
Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE 0.73% 2.472 Delayed Quote.-71.94%
ORANGE 0.07% 14.24 Real-time Quote.-1.62%
SFR GROUP 0.00%-End-of-day quote.28.59%
SOCIÉTÉ GÉNÉRALE -1.02% 35.855 Real-time Quote.-16.71%
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Financials (€)
Sales 2018 14 233 M
EBIT 2018 1 295 M
Net income 2018 -510 M
Debt 2018 30 422 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 2,41x
EV / Sales 2019 2,48x
Capitalization 3 858 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 4,45 €
Spread / Average Target 80%
EPS Revisions
Managers
NameTitle
Dexter G. Goei Chief Executive Officer & Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Dennis Okhuijsen Chief Financial Officer & Executive Director
Scott Matlock Independent Non-Executive Director
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