The Romania-based division of Alpha Bank has announced its plans to acquire the retail operations of Orange Money Romania. Alpha Bank Romania is set to acquire Orange Money Romania, encompassing its client base, digital assets, and credit card portfolio.

The transition will involve the migration of Orange Money Romania employees to Alpha Bank. The acquisition aligns with Orange's strategic shift away from financial services, as in July 2023, Orange initiated discussions with BNP Paribas regarding the potential sale of its retail banking divisions in France and Spain. Alpha Bank emphasises that the deal capitalises on its banking proficiency and Orange Money's digital expertise, leading to a noteworthy expansion of Alpha Bank's digital banking customer base.

Current Orange Money Romania customers will retain access to their existing products and services, while also gaining entry to the full spectrum of offerings provided by Alpha Bank Romania. Simultaneously, the bank intends to enhance its consumer experience by integrating the Orange Money mobile app and providing new digital solutions. The completion of the acquisition is contingent upon customary regulatory approvals.

Officials from Alpha Bank Romania talked about the acquisition and highlighted the bank's history of combining tradition and innovation. They also talked about the acquisition in the context of recent efforts to reinforce Alpha Bank's market position and provide its customers with an enhanced digital experience. With its headquarters in Greece, Alpha Bank has maintained a presence in Romania for 22 years.

According to the official press release, the bank currently operates a network of 130 branches across the country. Representatives from Orange Money Romania talked about Orange's achievements, specifically its consistent growth and its ability to emerge as a premier digital financial solution. They also revealed Orange Money's strategic vision to integrate its products into a banking ecosystem.

To realise this goal, Orange has initiated the transfer of the Orange Money retail business to Alpha Bank Romania. More information about Orange Money Orange Money's presence in Romania commenced in 2017. The inception of Orange Money Romania enabled users to perform contactless in-store payments, peer-to-peer fund transfers, utility bill payments, and mobile phone top-ups.

In February 2020, Orange Money introduced an instant currency exchange transfer service across 18 currencies, devoid of any charges. Collaborating with OneSpan, a provider of secure remote banking transactions, Orange Money aimed to curtail online and mobile fraud. In January 2021, the company rolled out a Visa credit card offering benefits such as discounts, cashback, and interest-free instalment options for purchases at partner merchants.

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