The French consumer credit company Cetelem, which is a member of the financial group BNP Paribas, has launched negotiations for taking over its Bulgarian competitor Jet Finance. Cetelem would acquire full control of the local entity, where 51% of the share capital is held by AIG Global Investment Group at present. Jet Finance has announced tentative plans for launching a public offering but officials of Cetelem comment for the local business wire investor.bg that they are interested in the full stake and will not tap the equity market in case that the acquisition is finalised. Cetelem holds leading positions on the consumer credit markets in France and Europe. It operates in 20 countries and manages assets for more than EUR 58bn.

Jet Finance is specialised in credits for purchase of consumer goods but plans to offer mortgage loans and to expand its operations in other countries in the region, including Ukraine, Serbia, Macedonia, Albania, and Romania. The credit portfolio of Jet Finance increased by 75% last year to EUR 86mn forging up an annual growth of about 60%. The company started operations in 2001 and services about
500,000 customers at present.