BT Group explores new mobile brand, FT reports

BT Group explores new mobile brand, FT reports

BT Group's Strategy in the Telecom Market

(Reuters) -Britain's largest broadband provider BT Group is mulling the launch of a low-cost mobile brand, the Financial Times reported on Tuesday, citing people familiar with the matter.

Emerging Competition from Fintech Companies

BT is understood to be considering options including creating a new brand, or buying an existing mobile virtual network operator, the newspaper said.

Potential Options for BT Group

The move is said to follow the rising threat posed by new entrants to the UK telecoms market including Revolut and Monzo, the report added.

Reuters could not immediately verify the report. BT did not immediately respond to Reuters' request for comment.

Earlier this year, FT reported that fintech company Monzo announced plans to launch a mobile service. Revolut recently detailed plans for its own mobile virtual network operator in Europe, while British consumer credit firm Lendable launched a monthly 20 pound ($26.84) mobile plan earlier this month.

Executives, including new consumer chief Claire Gillies, who started in April, are understood to believe BT must compete in all segments of the market to remain competitive, the FT report said. BT has also hired Uncommon Creative Studio for conducting a review of its brand, it added.

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(Reporting by Yazhini MV in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)