CaixaBank and ING bid for Cetelem consumer finance business

CaixaBank and ING are the leading contenders in the race to acquire Cetelem, the consumer finance subsidiary of BNP Paribas, in Spain and Portugal.

CaixaBank has engaged EY to conduct a comprehensive due diligence process, which includes an exhaustive review of Cetelem’s accounting, legal, fiscal, and technological departments. The bank is also receiving financial advisory services from Morgan Stanley. The due diligence process is expected to conclude by the end of November.

BNP Paribas initiated the sale of its consumer finance business in the Iberian market to refocus its strategy on more profitable sectors, such as asset management and investment banking. While the sale is approaching its final stages, reports suggest that initial bids from the competing banks may be significantly lower than the €1 billion valuation expected by the seller.