Societe Generale group reportedly sells BRD Finance consumer finance arm in Romania

BRD Finance IFN, the consumer finance arm of the BRD-SocGen group (BVB: BRD), on the Romanian market for 20 years, is reportedly in the process of selling its entire loan portfolio in Romania with EOS Group among the leading bidders, according to Profit.ro.

BRD-SocGen’s consumer finance arm will cease operating after the group decided to sell its private pension management arm BRD Pensii.

BRD Finance IFN was set up in April 2004. At the end of March 2024, its net loan portfolio was RON 173 million (EUR 35 million), less than half the RON 374 million at the end of March 2023.

Since the previous year, no more loans have been granted, and card transactions have been stopped. The company reduced and focused only on efficient portfolio management, limiting operational expenses and a gradual reduction in the cost of risk.

It was recently announced that the EOS Group, through the companies EOS Credit Funding and EOS Finance IFN, intends to take over a portfolio of performing and non-performing loans from BRD Finance IFN.

BRD Finance IFN has loans for the purchase of goods, credit cards, car loans, and personal needs in its portfolio.

(Photo source: Alekleks/Dreamstime.com)