BNP Paribas to buy S.African unsecured lender for US$253 million - CNBC Africa

BNP Paribas to buy S.African unsecured lender for US$253 million

Southern Africa

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BNP Paribas, Paris. PHOTO: VB.COM

The company will purchase RCS Group from retailer Foschini Group and Standard Bank.

RCS Group, which offers store credit cards and also sells personal loans and insurance, is 55 percent-owned by apparel retailer Foschini with the remainder held by Standard Bank, Africa's largest lender.

(READ MORE: Foschini to sell its 55 per cent stake in RCS)

The business would be housed in BNP Paribas' personal finance unit. Foschini, whose share of the net proceeds would be around 1.4 billion rand, said it would use the money to buy back shares, sending its shares 1.8 per cent higher at 107.65 rand as of 0725 GMT. 

(WATCH VIDEO: BNP Paribas lists new range of ETNs on JSE)

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