BNP Paribas S.A Unit RCS Buys Absa’s Edcon Card Portfolio

BNP Paribas Personal Finance South Africa’s RCS Cards unit to buy Absa’s portion of Edcon store card portfolio for undisclosed amount.

* RCS to provide consumer finance products to Edcon customers, including credit cards, store cards and personal loans;
* Purchase to be settled by a combination of internal cash resources and funding provided by FirstRand’s Rand Merchant Bank unit and Standard Bank;
* NOTE: May 25, Edcon Incoming CEO Pattison Says No Immediate Plan to Sell Co. Source: Bloomberg