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. 

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In 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.