Yahoo Finance Orange Markets $2 Billion of Loans as It Exits Banking in France
(Bloomberg) -- Orange Bank SA is selling about €1.9 billion ($2 billion) of loans as the unit of the French telecoms company pulls out of the financial services business.
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The transaction involves three portfolios, mostly comprising home and consumer loans, according to people familiar with the matter who asked not to be identified because the details aren’t public. Binding bids are expected to be submitted in May, the people said.
There’s an ongoing competitive process in place for the divestment of the unit’s credit portfolio in France as part of the plan to withdraw from the market, a representative for Orange Bank’s parent company, Orange SA, said by email, without providing further details.
Potential bidders include AB CarVal Investors, GoldenTree Asset Management, KKR & Co and Cerberus Capital Management, according to the people. Representatives for KKR and AB CarVal declined to comment, while representatives for GoldenTree and Cerberus weren’t available to comment.
Early this year, Orange and BNP Paribas reached a commercial agreement to provide a continuity solution for Orange Bank’s customers in France and Spain. BNP Paribas also took a €680 million portfolio of handset loans out of Orange Bank’s Spain unit, El Confidencial website reported earlier this month citing people familiar with the matter.
A representative for BNP Paribas declined to comment.
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