Orange received approval from French financial regulator ACPR and the European Central Bank to take a controlling stake in Groupama Banque.
The French operator now has the green light for its ambitious mobile banking plans, which involves rebranding Groupama Banque as Orange Bank from the start of 2017.
Orange, which announced it was buying 65 per cent in Groupama Banque earlier this year, intends to launch its bank in the first half of next year and aims to attract more than two million customers in France.
To this end, it has appointed Andre Coisne (pictured) as CEO of the bank. Orange Bank is part of the Orange Group’s customer experience and mobile banking function, which is led by Marc Rennard, deputy CEO.
Coisne, who has a background in the financial services industry rather than working in telecoms, has been in place for four months.