Cetelem makes a strong provision for 'revolving' cards
La financiera de consumo de BNP Paribas en España multiplica por dos las provisiones, de 44 a 96 millones de euros. Cetelem es una de las cinco mayores compañías del sector en nuestro país. Leer
Cetelem, the consumer finance arm of BNP Paribas in Spain, has doubled its provisions to €96 million due to potential losses from revolving credit card lawsuits. The move has led to a loss of €47 million for the company. Other banks and consumer finance companies in Spain, such as WiZink and CaixaBank Payments & Consumer, have also made significant provisions, with WiZink having accumulated losses of over €350 million since 2020.
Cetelem's provisions are based on current jurisprudence, which establishes that interest rates for revolving credit cards cannot exceed six points above the market average.
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