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CR#24 Orange Polska to launch financial services activity

Pursuant to article 56(1.1) of the Law of 29 July 2005 on public offering and the conditions for introducing financial instruments to the organised trading system and on public companies (Journal of Laws of 2005, No. 184, item 1539, as amended), the Management Board of Orange Polska S.A. (“Orange Polska”) informs about concluding agreements between Orange Polska and mBank Spółka Akcyjna based in Warsaw („mBank”).  

 

 

Orange Polska to launch financial services activity in partnership with mBank

 

March 19,2014: Orange Polska and mBank signed several agreements concerning co-operation in financial services. The main co-operation agreement is valid until the end of 2025, with the possibility for a further three years extension. Based on the agreement, the Parties initiate a project to develop a financial platform in the form of a retail mobile bank for the clients of mobile devices.

 

The co-operation will focus on provision of banking services by the bank through a branch of mBank, created and financed by mBank, to clients acquired through the co-operation with Orange Polska. Orange Group will make the Orange brand available for all products included in the co-operation. Orange Polska will be responsible for marketing, client acquisition and will not bear the risk of management of a bank.

 

Orange Polska will be remunerated for being an agent in acquisition of clients and for sales of bank products based on an agent commission fee, while sales of non-banking products will be subject to sharing of certain profits, defined in the agreement. Orange Polska will also benefit from an increased client loyalty.

 

In the period from January 1, 2020 to December 31, 2023, Orange Polska may exercise a call option on an organised part of assets of the enterprise operated within the branch, which may be exercised mainly through the acquisition of an organised part of the assets of the enterprise by a bank designated by Orange Polska or by a bank established jointly by the Parties. The condition precedent of the exercise of the option is the approval of the General Meeting of mBank and the regulatory approvals required by law.

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