Cofidis, a subsidiary of Crédit Mutuel Alliance Fédérale, which brings together 14 of the 18 federations of the mutualist group as well as CIC, announced on Tuesday the acquisition of the Hungarian subsidiary dedicated to consumer credit from the bank BNP Paribas.
The agreement, signed on May 24, “concerns the sale of the shares of Magyar Cetelem Bank to the parent company of Cofidis, which thus becomes the owner”, specifies Cofidis in its press release.
With this acquisition, the amount of which has not been disclosed, Crédit Mutuel Alliance Fédérale becomes the leading player in consumer credit in Hungary, outside the national banking networks.
The effective takeover is expected for early 2024, after obtaining the various regulatory authorizations.
BNP Paribas announced in early February a reorganization plan for BNP Paribas Personal Finance, its consumer credit subsidiary known under the Cetelem brand, including the departure from certain countries and the elimination of 921 positions in France.
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