BNP Paribas Personal Finance announces the start of the procedure to suspend operations in Romania for its consumer finance subsidiary, Cetelem.
Cetelem submitted to the competent authorities the documentation processing the termination of consumer credit distribution on the Romanian market, following the regulatory protocol.
Cetelem will ensure business continuity for partners and customers on existing contracts and credit cards until full repayment and contractual obligations termination.
BNP Paribas Personal Finance commits for a profound fulfillment of all its obligations vis-à-vis employees, customers, partners and regulators.
Established in Romania since 2005 under the brand Cetelem, BNP Paribas Personal Finance has achieved commercial successes, but the activity didn’t reach the necessary size to absorb the high IT investments needed for competitive positioning.
Therefore, BNP Paribas Personal Finance conducted a strategic review to identify the options available in the interest of clients, partners and staff. A process to find a financial partner with ability to define and ensure a stable future for the company unfortunately did not materialize.
In consequence, BNP Paribas Personal Finance announces the start of the procedures for the discontinuity of its activities in Romania. The group submitted to the competent authorities the documentation processing the termination of consumer credit distribution, following the protocol imposed by the legislation.
Business continuity for partners and customers on existing contracts and credit cards will be fulfilled until full repayment and contractual obligations termination.
Cetelem will of course deploy all necessary support to employees in this challenging period.
This decision only concerns Cetelem activity with no impact on the BNP Paribas other entities which will continue their operations and the implementation of development plans in Romania.
About BNP Cetelem Romania
Starting with March 1, 2018, Cetelem IFN SA became - BNP Paribas Personal Finance SA Paris Bucharest Branch, as a result of the strategic cross-border merger between Cetelem IFN SA and the French parent bank BNP Paribas Personal Finance. After the completion of the merger process, the commercial activity in Romania continued under the Cetelem brand, known to the Romanian consumer credit public. The company continues to provide in-store consumer credit services, credit cards, car loans, personal loans, either at the point of sale or remotely, by phone or the Internet. In the more than 15 years since it has been present on the Romanian market, Cetelem has offered over 1.8 million loans.
About BNP Paribas Personal Finance
BNP Paribas Personal Finance, a wholly-owned subsidiary of the BNP Paribas Group, is a major player in consumer finance in France and Europe, offering a wide range of consumer credit products. With brands such as Cetelem, Cofinoga, Findomestic and AlphaCredit, the company offers a full range of personal loans in stores, at car dealerships or directly to customers through its customer contact centers and online.
BNP Paribas Personal Finance has rounded out its offering with insurance and savings products for its customers in several countries including Germany, France and Italy.
Over a number of years, BNP Paribas Personal Finance has developed an active partnership strategy with retail chains, car manufacturers and distributors, e-commerce websites and other financial institutions (banking and insurance) based on its experience in the credit market and on its ability to offer integrated services tailored to the business activities and commercial strategy of its partners.
To support its customers and partners, BNP Paribas Personal Finance is committed to promoting access to more responsible and sustainable consumption.
