Cetelem Spain, a unit of BNP Paribas Personal Finance, and Banco de Crédito Cooperativo (BCC), the holding company of Grupo Cooperativo Cajamar, have signed a joint venture for marketing consumer credit in Spain.
The joint venture company will be a financial credit institution, responsible for distributing renewable personal loans (with or without credit cards) in Grupo Cooperativo Cajamar’s network of over 1,300 branches.
BCC will hold a 49% stake of share capital while the remaining stake will be held by Cetelem. BCC will appoint the chairman of the joint venture, whereas Cetelem will recruit the company’s CEO.
Both the entities claimed that the partnership will boost consumer credit in Spain, as well as improve the Grupo Cooperativo Cajamar regional bank network profile.
BCC-Grupo Cajamar chairman Luis Rodríguez González said, "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."