RCS GROUP
Credit-card unit’s sale a new lease on life for Edcon, says CEO Grant Pattison
30 October 2019 - 05:10
Edcon welcomed Absa’s decision to sell the clothing retailer’s store credit-card business to a more risk-tolerant RCS Group, saying the deal has granted it a new lease on life.
Absa sold the business to RCS Group, an SA consumer loan unit of French bank BNP Paribas, for an undisclosed amount on Tuesday, nine years after coughing up R10bn to buy the business from Edcon, which needed the money to pay debt...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.