Telecom Italia, Banco Santander Launch Consumer-Credit Venture
November 08 2019 - 2:47AM
Dow Jones News
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.
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