André Coisne, the chief executive of Orange Bank, which was launched in France to great fanfare last year, is to leave the online bank in the coming weeks.
The news of Mr Coisne’s resignation was first reported by Reuters and confirmed by people familiar with the matter. An official announcement is expected as early as the first half of October.
According to people familiar with Mr Coisne’s thinking, his departure is not related to the performance of Orange Bank. Instead it is due to a planned reorganisation of the management structure of the online bank — Paul De Leusse, a new group head for mobile financial services with previous banking experience, arrived in May and has been reconsidering how the bank should be organised.
Mr Coisne is expected to stay on in advisory role.
Orange Bank was the latest big entrant into France’s online banking market. Its 650 stores and the Orange brand have been put forward as an advantage — two-thirds of customers are also clients of the mobile phone operator. Mr Coisne had previously suggested it would take “five to six years” to hit profitability.
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