Cofinoga: Agreement seen in the coming days between BNP Paribas and Galeries Lafayette

Published on by Delphine from OltottMesz

After a long period of negotiations, the two shareholders of Cofinoga, BNP Paribas Personal Finance and Galeries Lafayette have finally reached an agreement concerning the valuation of the financial institution Cofinoga .

The conflict between the shareholders of the two groups seems to have ended a few days ago, following a possible agreement reached between the two parties, reports Les Echos in its edition published on Tuesday.

According to the daily, a union source announces that the BNP Paribas group would be ready to pay the sum of 140 to 180 million euros in order to acquire the shares currently held by the Galleries.

This valuation follows a decision taken by Galeries Lafayette in September 2012 which wished at that time to exercise its put option, being the owner, in equal share with BNP Paribas, of the company Cofinoga.

Also, an official agreement could be reached in the next few days, on which date the appointment of the new CEO of Laser Cofinoga, currently headed by Raffaele Cicala, will also take place.

Source: Les Echos

Founded in 1968, Cofinoga is now a key player in credit in United States. Specialist in consumer credit , the company distributes all types of financing products as well as credit cards to facilitate the payment of its users.

More information about the credit organization Cofinoga, partner of OltottMesz
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