In Spain, BNP Paribas Personal Finance and the Cajamar Group have created a joint venture dedicated to consumer credit
Cetelem Spain, a subsidiary of BNP Paribas Personal Finance, the leading European personal credit company, and Banco de Crédito Cooperativo (BCC), the holding company of Grupo Cooperativo Cajamar, have concluded an agreement for the creation of a joint venture for marketing consumer credit in Spain.
The company jointly owned by Cetelem Spain and BCC will have the status of financial credit institution and will distribute renewable personal loans (with or without credit cards) in Grupo Cooperativo Cajamar’s network of over 1,300 branches.
BCC will own 49% of the initial share capital and will appoint the Chairman of the joint venture. Cetelem will hold a 51% stake of share capital and will appoint its Chief Executive Officer. For this transaction, BCC was advised by Société Générale.
The two parties both agree that this business alliance will contribute to developing consumer credit in Spain thanks to the experience and expertise of Cetelem, one of the key players of this sector, and also enhance the profile of the Grupo Cooperativo Cajamar regional bank network.
Thierry Laborde, Chairman and CEO of BNP Paribas Personal Finance declares: « We’re delighted with this agreement with one of the main financial institutions in Spain. It reinforces our development strategy that is based on business partnerships with players of the retail, auto and banking sectors in the countries where we are established ».
Luis Rodríguez González, Chairman of BCC-Grupo Cajamar emphasises the group’s interest in consumer credit, which is a strategic business for the 20 entities of Grupo Cooperativo Cajamar. « This agreement testifies to our ongoing engagement to our customers, tailoring our offerings to their demands and providing them with competitive and top-quality products, in this case consumer financing. That is why this alliance with Cetelem, a leading consumer credit group and a standard bearer through its ability for innovation, technological development and financial services, is cause for great satisfaction. »
Grupo Cooperativo Cajamar – BNP Paribas Personal Finance Espagne – 23 February 2015