Cofidis Group concludes acquisition of Magyar Cetelem Bank in Hungary​

The acquisition is part of Cofidis Group’s drive to increase its presence in the Hungarian market and more broadly in Central European countries.

“This acquisition represents a significant growth lever for Cofidis in Hungary, bringing us a banking business and a business of partnership with merchants. We want to become a full player in consumer credit on a national scale and strengthen our position in Central Europe“, said Gilles Sauret, Chairman of the Executive Board of Cofidis Group.

Customers of Cetelem Hungary will not have to take any steps following this change of ownership. The financial conditions and contractual terms of their loans, deposits and credit cards will remain unchanged. The acquisition of Cetelem Hungary by Cofidis Group confirms the commitment of Crédit mutuel alliance fédérale, Cofidis Group’s sole shareholder, to support the European development of its business. “This acquisition demonstrates once again Crédit mutuel alliance fédérale’s confidence in Cofidis Group’s capacity to grow and innovate in the European marketplace,” said Daniel Baal, President of Cofidis Group’s supervisory board, President of Crédit Mutuel Alliance Fédérale.

Under the leadership of Jean-François Remy, Chief Executive Officer of Cofidis Hungary, the integration of Magyar Cetelem Bank’s teams and the deployment of a new product offering are under preparation. “Magyar Cofidis Bank Art will be an alternative to traditional banking through its various services that can support consumers and businesses on a large part of their financial services needs,” he said.

With this acquisition, Cofidis Group aims to become a leading financial services and consumer credit company in Hungary, drawing on the complementary skills of the Cetelem Hungary and Cofidis hongrie teams.

The goal is to build an increasingly resilient company that can meet the expectations of customers and partners while offering diverse and innovative services.