Santander and TIM to form a consumer credit joint venture.

Santander Consumer Finance, Santander's consumer finance firm in Italy, agreed to form a joint venture with Italian telecommunications leader Telecom Italia to offer consumer finance services to TIM’s clients in Italy. Financial terms were not disclosed. The goal is to initially offer financing for the acquisition of devices via installment loans and, in a subsequent phase, other consumer finance and insurance products. The transaction will be carried out through the creation of a joint venture in which Santander will control 51% and TIM 49%. The new company is expected to begin operations next year. “I´m delighted with this agreement, which will allow Santander Consumer Finance to become a leader in consumer finance in an attractive market, accompanied by one of the country’s most trusted brands,” José Antonio Álvarez, Santander CEO.