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Spain Santander to buy 51 pct of El Corte Ingles finance arm - sources
October 7, 2013 / 1:47 PM / 4 years ago

Spain Santander to buy 51 pct of El Corte Ingles finance arm - sources

Oct 7 (Reuters) - Spain’s largest bank Santander is finalising a deal to buy 51 percent of the consumer finance business of Spain’s only national department store El Corte Ingles, two sources close to the deal told Reuters on Monday.

One of the sources said the deal could be announced as soon as Monday evening.

Family owned El Corte Ingles, which is struggling to remain competitive after 38 consecutive months of falling consumer spending in Spain, is under pressure to sell assets as it restructures 5 billion euros of debt.

The department store, which sells everything from clothing to food, holidays and electronics, has 10 million store card holders and offers more consumer financing than any other provider in Spain. Last year it lent 6 billion euros to customers.

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