June 1, 2017 / 9:50 AM / 3 months ago

BNP Paribas buys consumer credit business in Sweden

PARIS (Reuters) - BNP Paribas Personal Finance has bought SevenDay Finans AB, a Swedish consumer credit business, part of plans to expand in the region in personal finance.

France's biggest bank said earlier this year it wanted to boost consumer finance activities, including retail and car loans while entering new markets, such as Austria, the Netherlands and Sweden.

BNP Paribas Personal Finance said late on Wednesday that SevenDay Finans AB, which was 75 percent owned by a group of private investors and 25 percent owned by its current management, would become part of Ekspres Bank, the French bank's Scandinavian division.

The price was not disclosed.

"Thanks to this acquisition, Ekspres Bank will double its business, expand its offering to savings products and consolidate its position on the Scandinavian consumer credit market," Laurent David, head of BNP Paribas Personal Finance said in a statement.

BNP Paribas' consumer loans business, known as Personal Finance, is one the bank's growth engines. Its pretax income rose 16 percent in 2016 to 1.44 billion euros out of a total pretax income of 11.2 billion euros ($12.58 billion) for the group as a whole.

Reporting by Maya Nikolaeva. Editing by Jane Merriman

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