RCS, the 100% owned South African subsidiary of BNP Paribas Personal Finance has concluded agreements with JD Group and its parent company Steinhoff in order to acquire its consumer finance activities in Southern Africa and to enter into a long-term commercial relationship with JD Group.
BNP Paribas Personal Finance, the European leader in Consumer Finance, has had a long standing partnership with Steinhoff in Europe. It wishes to build upon this partnership to enter into a strategic alliance with Steinhoff in South Africa. Through this alliance, JD Group, an important South African retailer, 86% owned by Steinhoff, will sell to RCS its consumer finance activities. Concurrently, Steinhoff will acquire a 30% shareholding in RCS, BNP Paribas Personal Finance’s fully-owned subsidiary in Southern Africa.