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Media release

Media release

Absa Agrees Sale Of Edcon Store Card Debtors’ Books

22 October 2019

Absa has today confirmed its sale of the Edcon store card debtors’ book to RCS Group, a subsidiary of BNP Paribas Personal Finance, subject to regulatory approvals. The transaction includes the sale of Edcon’s store card debtors’ books in both South Africa and Namibia.

“The sale is positive for Absa as it will free up capital and management time to focus on executing against the strategy that Absa announced last year,” said Arrie Rautenbach, CEO, Retail and Business Bank, Absa. “In terms of the strategy, our priority is to regain our leadership in core areas,” he said.

22 October 2019

Absa has today confirmed its sale of the Edcon store card debtors’ book to RCS Group, a subsidiary of BNP Paribas Personal Finance, subject to regulatory approvals. The transaction includes the sale of Edcon’s store card debtors’ books in both South Africa and Namibia.

“The sale is positive for Absa as it will free up capital and management time to focus on executing against the strategy that Absa announced last year,” said Arrie Rautenbach, CEO, Retail and Business Bank, Absa. “In terms of the strategy, our priority is to regain our leadership in core areas,” he said.