Cofidis Group is pleased to announce the effective acquisition of Magyar Cetelem Bank Zrt, the Hungarian subsidiary of BNP Paribas Personal Finance Group, marking a new stage in its development in Central Europe.
This acquisition is part of Cofidis Group's strategy, as a European specialist in remote financial services (consumer credit, remote banking, fractional payments, insurance), to increase its presence on the Hungarian market and, more broadly, in Central Europe.
“This acquisition represents a significant growth lever for Cofidis in Hungary, bringing us a banking business and a partnership business with retailers. Our aim is to become an end-to-end player in consumer credit on a national scale and to strengthen our position in Central Europe’, said Gilles Sauret, Chairman of the Management Board of Cofidis Group.
Cetelem Hungary customers will not have to take any action following this change of ownership. The financial conditions and contractual terms of their loans, deposits and credit cards will remain unchanged.
The acquisition of Cetelem Hungary by Cofidis Group confirms the commitment of Crédit Mutuel Alliance Fédérale, Cofidis Group's sole shareholder1, to supporting the European development of its activities. “This acquisition once again demonstrates Crédit Mutuel Alliance Fédérale's confidence in Cofidis Group's ability to grow and innovate in the European market” said Daniel Baal, Chairman of the Supervisory Board of Cofidis Group and Chairman of Crédit Mutuel Alliance Fédérale.
Under the leadership of Jean-François Remy, Managing Director of Cofidis Hungary, preparations are underway to integrate the Magyar Cetelem Bank teams and roll out a new product offering. “Magyar Cofidis Bank Zrt will offer an alternative to traditional banking services, with a range of services capable of supporting consumers and businesses across a broad spectrum of their financial services needs” he said.
With this acquisition, Cofidis Group aims to become a key financial services and consumer credit company in Hungary, drawing on the complementary skills of the Cetelem Hungary and Cofidis Hungary teams. The aim is to build an increasingly resilient company, capable of meeting the expectations of customers and partners while offering diversified and innovative services.
1 Crédit Mutuel Alliance Fédérale owns 99.99% of Cofidis Group through Banque Fédérative du Crédit Mutuel.