BNP Paribas, the largest bank in France, will open a subsidiary in Romania until March next year, reports local Economica.net. The procedures have already begun.

In Central and Eastern Europe, BNP Paribas only owns non-banking financial institutions that grant consumer loans. BNP Paribas now wants to transform them into subsidiaries of the bank, including the one in Romania.

The consumer loans firm Cetelem will thus become a BNP Paribas branch in Romania, on the ING Bank model. Subsidiaries have different operation models. For example, BCR, the local subsidiary of Austrian group Erste, is subject to the laws of Romania because it is registered here. Meanwhile, the ING Bank branch in Romania is subject to the laws in Netherlands.

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