Sale of RCS to BNP Paribas now unconditional
South African fashion retailer‚ Foschini (TFG) said on Wednesday, 6 August 2014, the deal that would see it dispose of its consumer finance business to French lender BNP Paribas was now complete.
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The retailer announced its plans to sell its consumer finance unit RCS to BNP Paribas Personal Finance‚ saying it would help the company focus on its core operations.
The estimated proceeds from the deal would be R2‚64bn‚ Foschini said in a statement on the JSE's news service‚ with its share being about R1.45bn. The Foschini Group owned 55% of RCS‚ with the remaining 45% stake owned by Standard Bank.
RCS has more than one million cardholders and services a network of more than 18‚000 retail outlets‚ including Game‚ DionWired‚ Makro‚ Pick n Pay‚ Shoprite and Clicks.