BNP Paribas Personal Finance, a subsidiary of French bank BNP Paribas, is to acquire South African consumer finance company RCS from Foschini Group and Standard Bank for approximately R2.65-billion (US$255-million), the companies said on Thursday.
"The potential for growth of South Africa combined with the quality of RCS management allow us to consider with confidence our entry into the South African market," BNP Paribas Personal Finance CEO Thierry Laborde said in a statement.
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