(Reuters) - U.S. investment fund Ripplewood made an offer to take over the online banking division of France's leading telecom company Orange, reported on Thursday the French newspaper Le Figaro.
In June, Orange said it was in talks with bank BNP Paribas (EPA:BNPP) with the aim of bringing its online retail banking clientele under BNP Paribas' umbrella.
CEO of France's biggest telecoms operator Christel Heydemann had indeed decided to get rid of the loss-making unit following a strategic review, sources close to the matter said in late June.
On Wednesday, at an extraordinary meeting with union representatives, Orange Bank's management announced it had received a binding takeover offer from the Ripplewood, Le Figaro said.
Ripplewood is also willing to take over Orange Bank's 700 employees, the newspaper said.
The online bank's management said during the meeting that it was not in favor of this takeover project. Employee representatives, however, supported it, Le Figaro said.