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Romania clears Otto's purchase of BRD loan portfolio

Jul 8, 2024, 3:39:55 PMArticle by Alexandru Cristea
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July 8 (SeeNews) - Romania’s competition watchdog said on Monday that it has approved German e-commerce company Otto's acquisition of a loan portfolio of performing and non-performing loans from local lender BRD Finance IFN.

Romania clears Otto's purchase of BRD loan portfolio
BRD Societe Generale Romania Author (brd.ro) License: all rights reserved

The Competition Council said the acquisition does not pose significant competition issues in the Romanian market.

Otto will acquire the portfolio through subsidiary companies EOS Finance and EOS Credit, as per the statement. EOS Finance and EOS Credit are part of Hamburg-based financial services provider EOS Group, which is owned by Otto Group.

Established in 2004, BRD Finance IFN is part of Romania's BRD group, itself a subsidiary of France’s Societe Generale Group, which also includes local bank BRD [BSE:BRD].

BRD shares traded 0.24% higher at 21.15 lei ($4.61/4.25 euro) as at 1403 CET on Monday on the Bucharest Stock Exchange.

(1 euro = 4.9755 lei)

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