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RCSI - BNPP PF South Africa to acquire the Edcon Store Card Portfolio
BNP Paribas Personal Finance South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2000/017884/06)
Company code: RCSI
(“BNPP PF South Africa” or “the Issuer”)
BNPP PF SOUTH AFRICA TO ACQUIRE THE EDCON STORE CARD PORTFOLIO
BNPP PF South Africa wishes to advise bondholders that its wholly owned subsidiary, and guarantor
to the Issuer’s Domestic Medium Term Note Programme, RCS Cards (Proprietary) Limited (“RCS”) has
concluded an agreement with Absa Bank Limited to acquire their portion of the Edcon Store Card
portfolio (“the Transaction”). Simultaneously, RCS has entered into commercial agreements with
Edcon Limited (“Edcon”) for the rights to provide consumer finance products to Edcon customers,
inclusive of credit cards, store cards and personal loans.
The Transaction cements RCS as the pre-eminent provider of outsourced credit solutions in the region,
providing an indication to the market that BNP Paribas Personal Finance is committed to South Africa.
RCS advises that the Transaction purchase consideration will be settled by a combination of internal
cash resources and funding to be provided by Rand Merchant Bank (A division of FirstRand Bank
Limited) and The Standard Bank of South Africa Limited (“Funding”). The Transaction and Funding
agreements are subject to the fulfilment of certain conditions precedent, as is customary for a
transaction of this nature.
Contact:
Marine van Brakel: Executive: Finance
Email: MarineH@rcsgroup.co.za
T: +27 21 597 4135
28 October 2019
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Legal Advisor
Webber Wentzel
Transaction Advisors
Mazars
Funders
Rand Merchant Bank (A division of FirstRand Bank Limited)
The Standard Bank of South Africa Limited
BNP Paribas (www.bnpparibas.com) is a leading bank in Europe with an international reach. BNP has
a presence in 72 countries, with more than 202 624 employees.
The BNP Paribas group, through its wholly owned subsidiary BNP Paribas Personal Finance, acquired
100% of BNP Paribas Personal Finance South Africa Limited (formerly, RCS Investment Holdings
Limited) in August 2014.
BNP Paribas PF South Africa is a consumer finance business predominantly based in South Africa, with
over 20 years in the industry.
Date: 28/10/2019 05:30:00
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