Financial services group BNP Paribas is looking to sell its South African consumer finance business RCS, Bloomberg reported, citing people familiar with the matter.
The French group has hired Barclays for the sale of RCS as the bank reduces its operations on the continent.
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According to sources, BNP Paribas has started the formal process to sell the consumer credit arm.
RCS has business operations across South Africa, Namibia, and Botswana.
According to its website, RCS offers a range of retail financial services and products under its brand and in partnership with retailers in these markets.
Its offerings include clients store cards, cash and retail loans besides insurance offerings such as personal accident, critical illness and income protection.
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By GlobalDataIn 2014, BNP Paribas, through its subsidiary BNP Paribas Personal Finance, acquired RCS from Foschini Group and Standard Bank.
Representatives for BNP Paribas and Barclays declined to comment on the development.
The disposal is part of BNP Paribas’ plans to exit certain African businesses and expand operations in other regions, such as Europe and Asia, the sources said.
Last month, the Paris-based bank sold a majority stake in Ivory Coast business to the country’s government. In July, the bank sold a unit in Senegal.
BNP Paribas has also sold the operations in countries, including Guinea, Burkina Faso and Mali, the report said.
Sources told the publication that offers for RCS is expected within the next few weeks.
