By Adria Calatayud

Orange Bank, the retail-banking business of French telecommunications group Orange, has received a takeover offer from U.S. investment firm Ripplewood that it is analyzing.

A spokesperson for Orange Bank said Friday that the business is studying the proposal carefully, looking in particular at the robustness of the financing plan and guarantees of job security. Financial details of the proposal weren't disclosed.

Talks with Ripplewood and employee representatives are continuing, and the offer has been presented to the bank's works council, it said.

Ripplewood couldn't immediately be reached for comment.

Orange in June said it planned to pull out of retail banking and that it had entered into exclusive negotiations with BNP Paribas, with talks focusing on Orange Bank's customer portfolio in France and the terms of a takeover of its business in Spain.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

December 22, 2023 03:36 ET (08:36 GMT)

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