Altice plans to launch online bank in Europe

Altice CEO Dexter Goei and founder Patrick Drahi
Altice NV founder and chairman Patrick Drahi, seen here to the right of Altice USA CEO Dexter Goei, now plans to steer his European conglomerate into online banking.

Putting to use its mobile infrastructure in an emerging business area, Altice NV plans to launch an online banking service in Europe.

The Netherlands-based Altice, parent to U.S. cable operator Altice USA, has filed paperwork with the European Banking Commission and hopes to launch the service by 2019.

The move comes after Altice’s French rival, Orange SA, began testing its own online bank, hoping to follow the trend of upstarts competing with institutionalized banks in a business that is substituting tellers for mobile apps. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceVideo!

The Video industry is an ever-changing world where big ideas come along daily. Cable, Media and Entertainment, Telco, and Tech companies rely on FierceVideo for the latest news, trends, and analysis on video creation and distribution, OTT delivery technologies, content licensing, and advertising strategies. Sign up today to get news and updates delivered to your inbox and read on the go.

"The logic is to make the heavy telecoms infrastructure profitable," said Julien Maldonato, a partner at Deloitte in Paris, to Reuters.

For its part, Orange bought a 65% stake in Groupama Banque last year and plans to be profitable in four to five years.

Altice, on the other hand, is launching its Alticebank from scratch and needs to endure a rather complicated regulatory process. 

RELATED: Altice USA officially files for IPO, raises cash for further expansion

Adept at leverage expansion through debt, Altice has already expanded beyond the telecom business and entered areas such as the online video advertising market through its $307 million acquisition of Teads in March.

In the U.S., it just raised $2.2 billion for its cable operations through IPO and is looking to buy more American telecom businesses. 

Suggested Articles

AT&T’s pay TV platforms including DirecTV, U-verse and AT&T TV Now will get to keep ABC, ESPN and other channels after reaching a new retrans consent…

Disney+ has opened up pre-orders for U.S. consumers and promised that those who sign up early will be among the first to get access to the streaming service.

Roku and Innovid are partnering on a new analytics solution to measure daily demographic reach and frequency on TV campaigns run across the Roku platform and…