Cofidis SA recently signed an agreement on the purchase of the Hungarian branch of the BNPP PF group, thus the shares of Magyar Cetelem Bank become the property of Cofidis SA.
The consumer credit provider wrote in its statement sent to MTI on Wednesday that the deal may go into effect in the first quarter of next year, subject to obtaining various official permits.
Gilles Sauri, Chairman of the Board of Directors of the Cofidis Group, said in the statement that
The acquisition gives the company new momentum in Hungary, where it aims to become a large-scale consumer lender.
In addition, the deal allows the group to strengthen its presence in Central Europe, he said. The Cofidis Group operates in nine countries and has been dealing with consumer credit services for more than 40 years.
According to data available on the e-beszamolo.hu website, the Hungarian subsidiary of Cofidis suffered a pre-tax loss of HUF 3.0 billion last year, compared to a profit of HUF 13 million in the previous year. Net interest income was HUF 10.5 billion in 2022 and HUF 11.7 billion in 2021.
Magyar Cetelem Bank Zrt has been present in Hungary since 1996 and, like Cofidis, deals with retail consumer lending. Its founder and 100 percent owner is the French company Cetelem SA, which has been a member of the BNP Paribas group since 1999. The
The financial institution’s profit before tax was HUF 2.3 billion last year, while a loss of HUF 3.8 billion was reported a year ago. Net interest income amounted to HUF 10.5 billion and HUF 4.0 billion in 2022 and 2021, respectively.
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