Cetelem, a subsidiary of BNP Paribas and the n°1 provider of consumer credit in Continental Europe, has signed an agreement with the Swedish investment fund Oresa Ventures and Florin Andronescu, founder and president of Credisson International, Romania's consumer credit pioneer and leader.
This agreement involves Cetelem acquiring 100% of Credisson International's (“Credisson”) controlling holding, over which Florin Andronescu will continue to preside.
Credisson's activity is generated through distribution networks dealing with household goods (white/brown goods, furniture, computing equipment, DIY materials, etc), including Flanco, a white/brown goods specialist at the origin of the company's creation. Credisson was created in 2003.
During its two years of activity in the consumer credit field, Credisson has granted financing at the point of sale to over 650,000 customers, with its total sales exceeding 210 million euros.
Credisson has a staff of 663 and runs a network of 200 points of sale in over 60 Romanian towns.
Cetelem will give Credisson the opportunity to strengthen its position amongst Romania's leading providers of consumer credit, accelerate its development and widen its portfolio of partners and financial services by capitalizing on Cetelem's operational, technological and financial support.
With 22 million inhabitants, consumption in full expansion and low levels of household debt, the Romanian context is particularly conducive to the development of consumer credit. This rapidly expanding market, which achieved a growth rate of 45% in 2004, offers promising perspectives for the current decade, bolstered by the presence of numerous international retail chains.
This operation is fully in-line with BNP Paribas' strategy, which strongly relies on its specialized subsidiaries for the international development of its services for private individuals. It enables Cetelem to immediately enjoy a strong market position upon entering Romania. By gaining a foothold in the Romanian market, the second market in the East of Europe just behind Poland, Cetelem reinforces its position as Continental Europe's leading provider of consumer credit.
The operation is subject to the approval of the Romanian competition authorities.
About Cetelem
Cetelem, a subsidiary of the BNP Paribas group, is the N°1 provider of consumer credit in France and Continental Europe. For over 50 years, Cetelem has been a key partner for trade, accompanying the development of leading retail brands. Cetelem is also a longstanding partner to banking establishments and insurance companies, who benefit from its knowledge in the credit, back office management and risk management fields.
Cetelem is present in 20 countries.
For further information about Cetelem, please consult our website:www.cetelem.com
About Credisson
Credisson International (www.credisson.ro) was founded in 2003.
During its two years of activity in the consumer credit field, Credisson has granted financing at the point of sale to over 650,000 customers, generating total sales in excess of EUR 210 million.
Credisson has a staff of 663 and runs a network of 200 points of sale in over 60 Romanian towns.
This agreement involves Cetelem acquiring 100% of Credisson International's (“Credisson”) controlling holding, over which Florin Andronescu will continue to preside.
Credisson's activity is generated through distribution networks dealing with household goods (white/brown goods, furniture, computing equipment, DIY materials, etc), including Flanco, a white/brown goods specialist at the origin of the company's creation. Credisson was created in 2003.
During its two years of activity in the consumer credit field, Credisson has granted financing at the point of sale to over 650,000 customers, with its total sales exceeding 210 million euros.
Credisson has a staff of 663 and runs a network of 200 points of sale in over 60 Romanian towns.
Cetelem will give Credisson the opportunity to strengthen its position amongst Romania's leading providers of consumer credit, accelerate its development and widen its portfolio of partners and financial services by capitalizing on Cetelem's operational, technological and financial support.
With 22 million inhabitants, consumption in full expansion and low levels of household debt, the Romanian context is particularly conducive to the development of consumer credit. This rapidly expanding market, which achieved a growth rate of 45% in 2004, offers promising perspectives for the current decade, bolstered by the presence of numerous international retail chains.
This operation is fully in-line with BNP Paribas' strategy, which strongly relies on its specialized subsidiaries for the international development of its services for private individuals. It enables Cetelem to immediately enjoy a strong market position upon entering Romania. By gaining a foothold in the Romanian market, the second market in the East of Europe just behind Poland, Cetelem reinforces its position as Continental Europe's leading provider of consumer credit.
The operation is subject to the approval of the Romanian competition authorities.
About Cetelem
Cetelem, a subsidiary of the BNP Paribas group, is the N°1 provider of consumer credit in France and Continental Europe. For over 50 years, Cetelem has been a key partner for trade, accompanying the development of leading retail brands. Cetelem is also a longstanding partner to banking establishments and insurance companies, who benefit from its knowledge in the credit, back office management and risk management fields.
Cetelem is present in 20 countries.
For further information about Cetelem, please consult our website:www.cetelem.com
About Credisson
Credisson International (www.credisson.ro) was founded in 2003.
During its two years of activity in the consumer credit field, Credisson has granted financing at the point of sale to over 650,000 customers, generating total sales in excess of EUR 210 million.
Credisson has a staff of 663 and runs a network of 200 points of sale in over 60 Romanian towns.