(Bloomberg) — Orange Bank SA will sell about 1.9 billion euros ($2 billion) of loans as its French telecom unit exits its financial services business.
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The deal includes three portfolios, mostly made up of mortgages and consumer loans, said a person familiar with the matter, who asked not to be identified because the details are private. A binding bid is expected to be submitted in May, officials said.
A representative for Orange Bank’s parent company Orange SA said in an email that a competitive process is underway for the sale of the division’s credit portfolio in France as part of its exit plan from the market, but did not provide further details. Didn’t make it clear.
Bidders include AB CarVal Investors, GoldenTree Asset Management, KKR & Co and Cerberus Capital Management, according to people familiar with the matter. Representatives for KKR and AB CarVal declined to comment, while representatives for GoldenTree and Cerberus could not be reached for comment.
Earlier this year, Orange and BNP Paribas reached a commercial agreement to provide continuity solutions to Orange Bank’s customers in France and Spain. BNP Paribas also took over a 680 million euro portfolio of mobile phone loans from Orange Bank’s Spanish arm, the El Confidential website reported earlier this month, citing people familiar with the matter.
A representative for BNP Paribas declined to comment.
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