Cofidis Credit Provider Acquires Hungarian Cetelem Bank
October 1, 2024
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The financial services provider Cofidis Group announced the successful completion of the acquisition of Magyar Cetelem Bank, the Hungarian subsidiary of BNP Paribas Personal Finance Group, opening a new chapter in the growth of Cofidis in Central Europe.
This acquisition reflects the intention of the Cofidis Group, the European specialist in consumer credit (personal, merchandise, and car loans), to strengthen its position in the Hungarian market and in the Central European region. “This acquisition represents a significant growth potential for Cofidis in Hungary: the acquisition of a banking license and the further expansion of the commercial partner network. We want to strengthen our market position in Central Europe,” emphasized Gilles Sauret, Chairman of Cofidis Group.
Cetelem’s customers will not have to do anything after the change of ownership. The financial and contractual conditions for loans, bank deposits, and credit cards will remain unchanged.
The owner of the Cofidis Group, Crédit Mutuel Alliance Fédérale, is committed to the European markets. “This acquisition reaffirms Crédit Mutuel Alliance Fédérale’s belief in the Cofidis Group’s ability to deliver significant growth and innovation in the region,” noted Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale and Chairman of the Supervisory Board of Cofidis Group.
Under the leadership of Jean-François Remy, CEO of Cofidis Hungary,
preparations for the integration of Cetelem employees and the development of a new product offering have already started.
“With its broad product portfolio and services, the future Magyar Cofidis Bank will be a competitive alternative to traditional banking service providers, except for day-to-day finances,” he underlined.
With this acquisition, the credit provider Cofidis Group aims to become a key player in the financial services and consumer loans market in Hungary, building on the complementary strengths of the teams of Magyar Cetelem Bank and Cofidis Hungary. The goal is to create an even more competitive company, able to meet the needs of its clients and partners with diversified and innovative services.
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Via Cofidis; Featured image via Wikipedia/Alexandra Dubec
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