Consumer goods & Retail
RCS Group (BNP Paribas) takes on the Edcon store card debtors book from Absa

RCS Group (BNP Paribas) takes on the Edcon store card debtors book from Absa

By means of this transaction with the subsidiary of BNP Paribas, the South African bank “frees up capital and resources” after a partnership of more than eight years with the operator of 1,100 stores which is struggling to balance its books.

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            ▪ RCS Group (BNP Paribas) takes on the Edcon store card debtors book from Absa

▪ By means of this transaction with the subsidiary of BNP Paribas, the South African bank “frees up capital and resources” after a partnership of more than eight years with the operator of 1,100 stores which is struggling to balance its books.

http://www.jeuneafriquebusinessplus.com/en/800737/rcs-group-bnp-paribas-takes-on-the-edcon-store-card-debtors-book-from-absa/

21/11/2019 at 18h34, by Jeune Afrique Business+, updated 22/11/2019

In March 2012, when Edcon Holding initially sold most of its store card debtors book in South Africa, Absa Group Limited paid 10bn rand ($677m) and indicated that it was also planning to buy up the company’s receivables in other countries. However, Namibia is the only foreign market for which the two partners have managed to find an agreement.

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