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BNP Paribas to buy S.African unsecured lender for $253 mln


BNP Paribas to buy S.African unsecured lender for $253 mln

By Helen Nyambura-Mwaura and Tiisetso Motsoeneng (Reuters) - BNP Paribas, France's largest bank, has offered to buy South African unsecured lender RCS Group for 2.65 billion rand ($253 million) from clothing retailer Foschini Group and Standard Bank, they said on Thursday. RCS, which offers store credit cards and personal loans and insurance, is owned 55 percent by Foschini and the remainder by Standard Bank, Africa's largest lender. The business would be run by BNP Paribas's Paris-based Personal Finance unit, which said the transaction would be in line with its international growth strategy.


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