RCS, a subsidiary of European group BNP Paribas Personal Finance, will thus acquire Edcon's in-store debtors' book across all of its retail properties.
The debtors' book was previously owned and managed by Absa.
RCS will now be able to sell Edcon customers credit cards, store cards and personal loans.
Commenting on the acquisition, Regan Adams, RCS CEO, said, “With the approval of the Competition Tribunal, RCS is excited to commence its partnership with one of the largest non-food retailers in South Africa and is committed to working together with Edcon to provide customers with access to a range of consumer finance products.
"This deal significantly strengthens our position as the leading provider of retail consumer finance products in South Africa and provides us with the opportunity to grow, to the benefit of our shareholders, our people and our customers."
Adams added that the deal aligns with the global BNP Paribas and RCS growth strategy.
Edcon CEO, Grant Pattison, commented, “Partnering with RCS will not only grow Edcon’s credit business and customer base, it also offers our customers a more diverse and dynamic set of consumer finance solutions”.
Edcon also announced on Tuesday that it has sold CNA to a consortium headed by Astoria Investments.
