BNP Paribas turns its Romanian consumer loan division into bank

Cetelem, the non-banking financial institution that has the highest market share on the consumer loans segment in Romania, will merge with BNP Paribas Personal Finance, its sole shareholder, and turn into a subsidiary of the French bank, the company announced on Thursday. The new entity will continue to operate under the Cetelem brand, which is well known on the local market. The move is part of a wider transformation process at group level, aimed at improving operations on the CEE markets, namely Czech Republic, Slovakia, Austria, Hungary, Romania and Bulgaria. “We are convinced that Cetelem’s move to this new phase will have positive effects for its clients and the whole consumer loans market in Romania,” said Bruno Leroux, Cetelem Romania CEO. Cetelem’s offer and the contract terms will remain unchanged. The company offers consumer loans in stores, credit cards, loans for car purchases, and consumer loans granted via phone or internet. BNP Paribas has been operating on the Romanian market since 2007, through its corporate and investment banking division. It also has operations on the operational leasing, insurance and real estate markets. French bank BNP Paribas opens subsidiary in Romania editor@romania-insider.com