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Orange, mBank to launch mobile retail bank

Poland’s telecom company Orange has joined hands with Commerzbank-owned mBank to build a mobile-based retail bank in the country. Orange and mBank teamed up in 2012 for a Polish mobile contactless payments service but are now taking their cooperation further with a full banking service – set to launch in the second half of the year – that will be designed specificity for smartphone and tablet users. The new venture will be under the Orange brand, with the telco leading the customer recruitment and marketing charge while mBank concentrates on providing the actually banking services. These services – aimed at consumer and small and medium-sized businesses – will include mobile payments, current accounts, loans, deposits, and credit and debit cards. mBank will provide banking services and will establish a new division within the bank’s structure. International law firm Greenberg Traurig advised Orange in the course of negotiations and execution of the agreement with mBank.

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