Credit Agricole Explores Sale of Dutch Consumer Unit

(Bloomberg) -- Credit Agricole SA is exploring a potential sale of its consumer finance business in the Netherlands, people familiar with the matter said.

The French bank is working with an adviser as it gauges interest in the business, according to the people, who asked not to be identified because the information is private.

Credit Agricole offers online loans and other forms of consumer credit in the Netherlands under brands including Interbank, Findio and KredietDesk. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said.

A representative for Credit Agricole declined to comment.

Credit Agricole is considering exiting an industry that’s drawn fire from the Dutch financial regulator, which said in November that consumer finance companies aren’t doing enough to rein in excessive and irresponsible lending. Last year, Credit Agricole said it would compensate some customers who complained the interest rates on their borrowings weren’t reduced in line with the market.

Banks across Europe continue to streamline their business portfolios in the light of record-low interest rates and rising regulatory costs. While domestic consolidation is underway in places like Italy, Spain and Germany, banks have also been exiting some markets as stronger firms grab market share in areas where they have expertise.

--With assistance from Ruben Munsterman.

To contact the reporter on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg.net

To contact the editors responsible for this story: Dinesh Nair at dnair5@bloomberg.net, Ben Scent, Christian Baumgaertel

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