BRD-SocGen to reportedly dismantle consumer credit arm BRD Finance
BRD Finance, the consumer credit division of BRD-SocGen - the third largest bank in Romania by assets - would be dissolved, and the process will last at least one year. Until then, loans will continue to be granted, according to sources…
Andrei Chirileasa · Journalist
· Updated · 1 min read
BRD Finance, the consumer credit division of BRD-SocGen - the third largest bank in Romania by assets - would be dissolved, and the process will last at least one year. Until then, loans will continue to be granted, according to sources familiar with the plans consulted by Ziarul Financiar.
BRD owns 49% of BRD Finance's shares.
As for the company's clients, things are not clear. According to the sources, there are two scenarios circulated: under the first one, BRD Bank will take over all BRD Finance customers, while under the second scenario, BRD Finance will continue to exist for a while until all loans are closed.
In middle 2020, BRD representatives told ZF that BRD Finance is "under a restructuring process," which involves transforming the business model by outsourcing certain business lines, bringing an improvement in profitability and increasing the volume of loans.
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