Santander Consumer Bank (SCB) and Telecom Italia have formed a consumer credit joint venture (JV).
To be based in Turin, the new venture is 51% owned by Santander Consumer Bank, while Telecom Italia owns the reaming 49% interest in the venture.
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The deal was initially announced by the two companies in November last year.
The new consumer finance JV will offer personal loans, credit cards and insurance products the Italian customers of the telecommunication group.
The new JV will offer consumer finance delivery platform to the customers of Telecom Italia.
Through the partnership, all Telecom Italia stores will roll out instalment plan financing for product purchases.
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By GlobalDataThe receipt of authorisation to operate the JV is still underway.
It is expected that the new venture will bolster Santander Consumer Bank’s position in the consumer credit market by giving it access to a larger pool of customers.
Last week, Santander Argentina teamed up with FacePhi to strengthen its biometric capabilities.
In December last year, Santander UK extended partnership with Elavon for another five years to provide payment solutions to its customers.
In the same year in November, Santander Commercial Bank acquired a majority stake in UK fintech Ebury for about $454m.
In June, Santander and Telefónica joined forces to launch 5G banking project.
In February, Santander signed a $700m IT deal with IBM for digital transformation.
In the same month, Santander Spain signed an open banking partnership with Raisin.
