Credit-card unit’s sale a new lease on life for Edcon, says CEO Grant Pattison

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...

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