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Orange Bank targets 500 million euros in net banking income in Europe by 2023

Orange Bank targets 500 million euros in net banking income in Europe by 2023
FILE PHOTO: The logo of French telecom operator Orange is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles Platiau/File Photo -
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CHARLES PLATIAU(Reuters)
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LONDON (Reuters) - French telecoms operator Orange <ORAN.PA> said on Friday it aimed to generate 500 million euros (445.66 million pounds) in net banking income in Europe from its online bank by 2023, as it rolls out the new service in more countries.

The group, which presented the new set of targets at an investors event in London, said Orange Bank aimed to have 4 million customers in Europe by then. The Spanish and French operations are expected to break even at core profit level in six years' time.

The French company also outlined ambitions for Orange Money in Africa, where it set a goal of over 800 million euros in revenue by 2023 and reaching over 30 million customers.

(Reporting by Mathieu Rosemain; Editing by Sarah White)

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