JetFinance International operates in more than 150 towns in Bulgaria, offering its products though almost 3,600 sales outlets, in addition to its own branch network. Its distribution model is very similar to that developed by Cetelem in a number of countries throughout the world. With a 500,000-strong client portfolio, JetFinance International saw its new business volume and outstanding loans grow by over 60% in 2006, and this impressive growth has continued throughout the first half of 2007.
The deal is strategically important for BNP Paribas as it provides the group with access to a retail client base. Bulgaria, with forecast annual GDP growth of about 5% until 2009, enjoys one of the highest levels of growth potential in central and eastern Europe.
For Cetelem, the acquisition further solidifies its presence in the region, confirming its capacity to offer its partners a truly pan-European service. Cetelem has already established operations in the central and eastern European region including Hungary, the Czech Republic and Poland. Moreover, Cetelem ranks among the top three consumer credit operators in Bulgaria, thanks to this acquisition, the Czech Republic, Slovakia, Hungary and Romania.
This acquisition reflects Cetelem’s keen desire to develop its business in emerging economies and in countries that have strong growth potential. Our emerging markets business already accounts for 15% of the company’s net banking income, stated Francois Villeroy de Galhau, Cetelem’s chairman and managing director.
