BNP Paribas Personal Finance launched the procedures to stop operations in Romania of the consumer finance division, operating under the Cetelem brand, explaining that the division's activity "has not reached the size necessary to be able to absorb the major investments in IT necessary for a competitive positioning."

Also, the process of identifying a financial partner that can secure a stable future for the company has failed as well, the company explained, according to Ziarul Financiar.

Cetelem will ensure the continuity of business relations with partners and customers based on ongoing credit and card contracts until full reimbursement and termination of contractual obligations.

With over 460,000 credit cards in its portfolio and 480,000 customers, BNP Paribas Personal Finance Bucharest is a banking entity in the top three credit card issuers in Romania, Profit.ro said.

As of March 1, 2018, Cetelem IFN became BNP Paribas Personal Finance Paris Bucharest Branch as a result of the merger between Cetelem IFN and the French parent bank BNP Paribas Personal Finance. After the completion of the merger process, commercial activity in Romania continued under the Cetelem brand.

iulian@romania-insider.com

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