BNP Paribas Personal Finance announces the start of the procedure to terminate the activities of Cetelem’s consumer finance division in Romania, the credit institution announced on Monday.
Cetelem has submitted to the competent authorities the necessary documentation to terminate the activity of providing consumer loans on the Romanian market in accordance with the regulatory procedures.
Cetelem will ensure continuity of business relations with partners and customers based on current credit and card contracts until full reimbursement and termination of contractual obligations.
BNP Paribas Personal Finance is committed to fully fulfilling its obligations to employees, clients, partners and regulators.
Founded in Romania in 2005 under the Cetelem brand, BNP Paribas Personal Finance was commercially successful, but the company’s operations did not reach the necessary size to be able to absorb the large IT investments required for competitive positioning.
Therefore, BNP Paribas Personal Finance conducted a strategic analysis to identify options in the interests of clients and staff. Unfortunately, the process of identifying a financial partner capable of defining and ensuring a stable future for the company did not take place.
Thus, BNP Paribas Personal Finance announces the start of the procedure to terminate its activities in Romania. The Group submitted to the competent authorities the necessary documentation for the termination of the activity of providing consumer loans on the Romanian market in accordance with the current legal procedures.
Business continuity for partners and customers with current contracts and credit cards will be ensured until full reimbursement and termination of contractual obligations.
During this difficult period, Cetelem will certainly provide all necessary support to its employees.
This decision concerns only the activities of Cetelem, without affecting other entities of BNP Paribas, which will continue their activities and implementation of development plans in Romania.
BNP is represented in Romania through 6 organizations:
BNP Paribas Corporate & Institutional Banking – financial solutions, cash management products and consulting services for local and international companies and institutions.
Arval – car leasing with services. Arval offers fleet solutions and outsourcing of fleet management risks.
Tsetelem – which slowly turns off the light
BNP Paribas Real Estate – real estate consulting, especially transactions, appraisals and real estate management.
BNP Paribas Leasing Solutions – financial solutions for professional equipment. Romania’s leader in financing agricultural equipment in Romania.
BNP Paribas Cardif – insurance partnerships and a world leader in insurance products attached to loans.
Source: Hot News
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