SocGen launches CrediNil in Egypt
Cairo, July 10, 2008
Societe Generale (SocGen), one of the largest financial services groups in Europe, has launched its consumer finance unit, CrediNil, in Egypt as part of its global expansion strategy.
CrediNil is a specialised consumer finance division of National Societe Generale Bank, a subsidiary of the Societe Generale Group and a number one private bank in Egypt.
CrediNil will offer a high-quality service for distributors and partners and promote a large range of products adapted to the needs of Egyptian customers, either through its network of specialised distributors or directly to the customer, said an official from the French banking group.
The product on offer would be in the range of car loans sold in car dealerships and would be later extended to other types of loans and distribution channels, he explained.
Societe Generale Consumer Finance now operates in 26 countries. With 80 million inhabitants and rapidly growing consumption, Egypt is a market with high potential for development in consumer finance credit, said the official.
According to him, CrediNil will benefit from international synergies with Societe Generale Consumer Finance, and from the local expertise of National Societe Generale Bank.
This launch is in line with the aim of Societe Generale Consumer Finance to develop its consumer credit activities in the region, which already includes Morocco, Turkey, Greece and Cyprus.-TradeArabia News Service