The financial group Inbursa, belonging to the Mexican magnate Carlos Slim, has reached an agreement to acquire 80% of the financial company specialized in the automotive sector of the French entity BNP Paribas, Cetelem México. In a statement sent to the Mexican Stock Exchange (BMV) – and collected by Efe – it is detailed that the operation will consolidate the local position of the French subsidiary, which until the first quarter of the year had a credit portfolio of 47,000 million pesos (2.8 billion dollars) and more than 227,000 clients.
The “Inbursa Financial group will strengthen the local development of Cetelem México, a leading player in the Mexican automotive financing market (…) and will support its growth plans,” the announcement stated. Likewise, the Inbursa bank informs that the transaction is subject to consultation with the councils of BNP Paribas Personal Finance employee representatives, as well as the approvals of all the competent authorities in the operation.
“The cooperation between the two groups is aimed at strengthening existing partnerships with car manufacturers. It will be based on the proven knowledge of Cetelem México in automotive financing and on the strength of Grupo Financiero Inbursa,” the statement added.
“Important opportunity for the consumer portfolio”
For his part, the CEO of the Inbursa financial group, Javier Foncerrada, stressed that this operation represents “an important opportunity to continue growing Banco Inbursa’s consumer portfolio.” He also hopes to strengthen alliances with auto companies and dealers in Mexico, as well as drive better financial products to his clients.
“We are delighted to have concluded this agreement with a strong national player such as the financial group Inbursa, which will pursue and support Cetelem Mexico’s ambitions in its local market and allow the company to develop the existing business while maintaining the company’s values, added Charlotte Dennery, CEO of BNP Paribas Personal Finance.
The financial group Inbursa has financial products that include banking, insurance, asset management and financing for the automotive sector, with more than 10.5 million clients and a capital of 208,000 million pesos (12.3 million dollars) until June of 2023.