BNP Paribas Personal Finance announces the start of the procedure to suspend operations in Romania for its consumer finance subsidiary, Cetelem.
Cetelem submitted to the competent authorities the documentation processing the termination of consumer credit distribution on the Romanian market, following the regulatory protocol.
The group will ensure business continuity for partners and customers on existing contracts and credit cards until full repayment and contractual obligations termination.
Established in Romania since 2005 under the Cetelem brand, the activity didn’t reach the necessary size to absorb the high IT investments needed for competitive positioning.
This decision only concerns Cetelem activity with no impact on the BNP Paribas other entities which will continue their operations and the implementation of development plans in Romania.