Credit Mutuel-backed Cofidis Group to acquire Magyar Cetelem Bank from BNP Paribas.

Credit Mutuel-backed Cofidis Group, a offeror of consumer credit, payment solutions, insurance, loan repurchase and other banking services, agreed to acquire Magyar Cetelem Bank, a Hungarian consumer bank, from BNP Paribas. Financial terms were not disclosed. “I am delighted to announce today, on behalf of Cofidis Group, the signing of this agreement. This acquisition gives Cofidis a new dynamic in Hungary, as we aim to become a complete player in consumer credit on a national scale. It also strengthens Cofidis Group’s presence in Central Europe,” Gilles Sauret, Cofidis Group Chairman.