Altice applied to the European Central Bank for a banking license in relation to its plans to launch an online bank in two years from now.
French billionaire Patrick Drahi plans to launch an online bank by spring 2019 across the euro zone countries, where the Altice telecoms group operates, according to a source closed to the matter.
As Reuters (reuters.com) reported, Altice applied to the European Central Bank for a banking license in relation to its plans to launch an online bank in two years from now.
The ECB, however, was not immediately availble for a comment, as Reuters pointed out.
The bank would reportedly be named Alticebank. The latter would possibly operate across its European networks. In Europe, Altice owns French telecoms group SFR. The telecoms group is also spread across countries like Portugal, Belgium, Luxembourg and Switzerland, as the article added.
Altice has also listed shares in its US business on the New York stock exchange last month, and thus gave the company public stock.
The move comes as fellow telecoms group Orange that acquired a 65% stake in Groupama Banque last year and launched an app-only bank. The company is testing its own online bank to compete with instutionalized banks in a business, where customers use smartphones to manage finances, as the online media wrote.
Time will show how big telecoms will expand into the banking sector, competing with traditional banks.