Banco CTT completed the acquisition of 321 Crédito from Firmus Investimentos, for a price of €100 million. The deal was agreed in July 2018.
321 Crédito is a specialised consumer credit business focusing on the provision of credit for the purchase of used cars by individuals rough a network of circa 1,200 points of sale, and «demonstrated a strong growth in 2018 with a loan production of €177 million (+33% vs 2017), which represents a market share of circa 10% in its segment, finishing the year with a net loan book of € 360 million», informs Banco CTT in a note. Its banking product and net profit reached € 21.4 million (+31% vs 2017) and €8.1 million (+3% vs 2017), respectively.
In a note sent to capital markets regulator, Banco CTT explains that «the acquisition of 321 Crédito is part of Banco CTT’s development strategy, introducing a new line off business, creating funding synergies and optimising Banco CTT’s consolidated Balance Sheet through a significant increase in the loan book, while improving its loan-to-deposits ratio from 30% to over 70%».
Original Story: Observador | António Cotrim / Lusa
Photo: Banco CTT site
Edition & Translation: Prime Yield