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LASER to acquire Netvalor from CCF
15 June 2005
CCF and LASER, through Médiatis, have signed an agreement for Médiatis to acquire 100 per cent of the capital of Netvalor, a wholly-owned consumer credit subsidiary of CCF.
Médiatis is a wholly-owned subsidiary of COFINOGA, which in turn is a subsidiary of LASER. Netvalor had a net asset value of €10.4 million at 31 December 2004.
The transaction, which is subject to regulatory approval, is expected to be finalised in the third quarter of 2005 once consultations with CCF’s and COFINOGA’s Works Councils have been completed.
Launched in April 2000, Netvalor offers consumer loans through two channels:
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Direct online sales via the 123credit.com website; and
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Partnership agreements with financial institutions (including insurance companies, banks and pension funds), mutual organisations and associations, as well as e-commerce companies.
Netvalor currently has over 60,000 customers and 80 employees, and had €275 million in loans outstanding at 31 December 2004.
LASER is owned by Galeries Lafayette and BNP Paribas. Through its acquisition of Netvalor, LASER aims to strengthen and boost the rapid growth of its online loan distribution to individuals under the Médiatis brand.
The acquisition will also help it develop partnerships with e-commerce operators and financial institutions. This will be a new area of growth for LASER.
The LASER group incorporates the financial services activities of COFINOGA and the associated loyalty programme, e-LaSer.
The group is growing its activities in Europe using its advanced know-how in marketing and technology in customer relationship management. It is co-controlled by Galeries Lafayette and BNP Paribas.
Through the private label card processed by COFINOGA, LASER is a leader in Europe with 10 million customers, of which 4.5 million are in France. Present in eight countries in Europe, LASER has more than 5,600 employees and, in 2004, achieved a turnover of €1,156 million.
Media enquiries to pressoffice@hsbc.com.
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