Telecom Italia, Banco Santander Launch Consumer-Credit Venture

Date : 11/08/2019 @ 7:47AM
Source : Dow Jones News
Stock : Banco Santander SA (SAN)
Quote : 4.09  0.04 (0.99%) @ 12:59AM
After Hours
Last Trade
Last $ 4.07 ▼ -0.02 (-0.49%)

Telecom Italia, Banco Santander Launch Consumer-Credit Venture

Telecom Italia (BIT:TIT)
Historical Stock Chart

2 Months : From Oct 2019 to Dec 2019

Click Here for more Telecom Italia Charts.
   By Kim Richters 
 

Telecom Italia SpA (TIT.MI) and Spanish bank Banco Santander SA (SAN.MC) agreed to launch a joint-venture to offer credit services to consumers in Italy, the companies said late Thursday.

The business will offer financing for the acquisition of devices through installment loans, they said, adding further consumer-finance and insurance products at a later stage.

Santander's Italian affiliate Santander Consumer Bank SpA will hold 51% of the newly created company that will begin operations next year, while Telecom Italia will hold 49%.

"This strategic joint venture will allow us to free up capital and reduce credit risk, at the same time supporting our sales and broadening Telecom Italia's revenue base towards new profitability opportunities," the company's Chief Executive Luigi Gubitosi said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

November 08, 2019 02:32 ET (07:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest SAN Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.