Orange Launches Its Own Bank

French telecommunications company Orange (ORA.FR) said on Thursday that it has launched its own bank as part of its efforts to diversify into mobile financial services.

Known as Orange Bank, the new company will offer French customers a range of mobile banking services, including the option to pay for goods with their cellphone or send money by text. Customers will also be able to access the features of a traditional bank, such as a current account, bank card, savings account as well as overdraft lending.

The bank said it was targeting two million customers within 10 years and that it was aiming to reach 400 million euros ($465.9 million) in revenues in 2018.

Orange, which first announced the bank in April, will face competition from Altice NV (ATC.AE) after the Amsterdam-based telecom operator said in July that it plans to launch its own online bank by early 2019.

Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

November 02, 2017 07:12 ET (11:12 GMT)