Commerzbank and BNP Paribas Personal Finance have decided to dissolve their Munich-based joint venture Commerz Finanz, which offers consumer credit products and services in Germany.
Commerz Finanz will now be split off following which an instalment loan portfolio with a volume of around €3.5bn and nearly 300,000 customer contracts will move to Commerzbank from Commerz Finanz.
The deal already secured the nod of the Federal Cartel Office and was executed in collaboration with responsible supervisory authorities.
Commerzbank member of the board of managing directors responsible for private and small business customers Michael Mandel said: “We have always enjoyed a very good, trusting cooperation with BNP. However, instalment loans are an important growth area for us – which we intend to digitalise, expand, and operate ourselves. This is why we have introduced our own digital instalment loan, which customers can conclude within just a few minutes, in the first half of the year.”