By Noemie Bisserbe
PARIS--French bank BNP Paribas SA (BNP.FR) said Thursday it had
agreed to buy South African consumer finance business RCS for 185
million euros ($255 million), in a bid to expand its footprint in a
fast-growing market.
Like many lenders in Europe, BNP Paribas, France's largest
listed bank by assets, has been struggling to revive growth in the
face of stricter regulation and a fragile economic recovery in
Europe.
The French lender is now looking to expand its businesses
outside Europe, and draw a line under the region's debt crisis.
RCS counts about 1 million cardholders in South Africa, Namibia
and Botswana, and about 1,250 employees.
It is currently 55% owned by South Africa's Forschini group,
while local lender Standard Bank holds the remaining 45% stake.
-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
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