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PARIS, March 3 (Reuters) - Orange, France’s biggest telecoms firm, is looking for a new investor in its banking unit, a source close to the matter said on Wednesday, as it seeks to mitigate the heavy losses made by the four-year-old division.
Chief Executive Officer Stéphane Richard trumpeted the launch in 2017 of Orange Bank as key strategic step toward the diversification of revenues streams for the group, which faces tough competition from rivals in France and Spain, its two biggest markets.
The online bank was developed thanks to the acquisition of a majority stake in lender Groupama Banque. Groupama, a French insurer, now owns 22% of the group. Orange controls the remaining 78%.
Orange, France's biggest telecoms firm, is looking for a new investor in its banking unit, a source close to the matter said on Wednesday, as it seeks to mitigate the heavy losses made by the four-year-old division.