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Telecoms group Altice to launch online bank in Europe by early 2019: source

Thursday, July 13, 2017 - 17:50

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French billionaire Patrick Drahi plans to launch an online bank by spring 2019 across the euro zone countries where his telecoms group Altice operates, a source close to the matter said on Thursday.

[PARIS] French billionaire Patrick Drahi plans to launch an online bank by spring 2019 across the euro zone countries where his telecoms group Altice operates, a source close to the matter said on Thursday.

Mobile operators are stepping up pressure on the traditional banks that dominate the market place, as the numbers of people walking into high street bank branches declines, with more and more customers now using smartphones to make purchases.

France's biggest telecoms group Orange is also looking to launch its online banking service nationwide, aiming to take on traditional banks with a low-cost offering that will eventually expand into loans and insurance.

Altice is aiming to go beyond just France and has requested a banking license from the European Central Bank (ECB), said the source, confirming an earlier report by newspaper Le Parisien.

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The ECB was not immediately available for a comment.

The bank would be named Alticebank and would operate across its European networks.

In Europe, Altice owns French telecoms group SFR and is also present in Portugal, Belgium, Luxembourg and Switzerland.

Altice listed shares in its US business on the New York stock exchange last month, giving the company public stock it can use as currency for new acquisitions.

REUTERS

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