Consumer finance company Cetelem IFN (Credisson) granted credits worth 64m euros in the first seven months, an over 50% increase against the same period last year.
"The growth is triggered by the expansion of the strategic partners portfolio to fields like electronics, home appliances, furniture and IT, as well as of personal loans," explains Daniel Boaje, deputy CEO of the company. The company is planning on granting credits worth 140 million euros, an almost 40% increase against 2005, when Cetelem granted credits worth 100 million euros. The company will also launch a credit card soon.
"We wish to maintain an upward trend until the end of the year, considering the results seen in the first six months of the year, when loans granted stood at 30 million euros - a 37% increase, Boaje adds. Cetelem IFN is the former Credisson, set up by the investment fund Oresa Ventures and by businessman Florin Antonescu three years ago.
Last year, Cetelem, the division specialised in consumer finance of the French group BNP Paribas, acquired the whole company. "We are hoping to consolidate our position on the market of consumer credits and that what we have started today by officially changing the name of the company will translate into a quality boost for our products and services," Boaje also says.
Other players on the market of consumer credits are Credex (a company held by retailer Altex and by Raiffeisen Bank), Estima Finance (developed by the Romanian - American Enterprise Fund and by retailer Domo) and Euroline, part of the Greek group EFG Eurobank.
According to company officials, Cetelem has an approximately 20% share of the specialised market, having granted credits worth over 350 million euros in the three years since its establishment. The company specialises in brokering and granting consumer credits and operates in distribution networks
