Cetelem To Enter Mortgage Loan Market, Contemplates Opening Bank

F.A.
Ziarul BURSA #English Section / 26 februarie 2008

Cetelem is planning to enter the mortgage loan market in the second half of the year either by opening a dedicated branch or by turning into a bank, according to Deputy General Manager Daniel Boaje. "According to National Bank regulations, non-banking financial institutions cannot issue mortgage loans," he said, adding that the company was currently discussing the matter with National Bank officials in a bid to find a way to enable the company to introduce mortgage loans. "Another option would be to set up a dedicated branch for this purpose," Boaje added.

French financial group BNP Paribas also seeks to enter Romania"s financial leasing market through a dedicated company to be set up this year. The group already operates in Romania through the operational leasing company Arval, Boaje mentioned. BNP Paribas also controls real estate company Atis Real and life insurance company Cardiff. Cetelem IFN is a leading consumer loan company with approximately 20% of the market, according to company information. Cetelem has over 1,800 points of sale and 850 employees. It was established in May 2005, when Credisson International was taken over by Cetelem, the consumer loan division of BNP Paribas.

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