France company Cetelem, which is part of the French financial giant BNP Paribas, is to launch a challenge for the top spot on the consumer finance market in Romania through Credisson International, said Francois Villeroy de Galhau, Cetelem''s chairman and chief executive. Cetelem bought Credisson last month, the second leading player on the consumer finance segment in Romania, in a deal worth some 45 million euros, sources close to the business say. Swedish investment fund Oresa Ventures, which held 80% in Credisson, has announced its intention to invest the money it received from the deal in other projects on the Romanian market, Jonas af Jochnik, Oresa Ventures chairman, said. The other seller in the Credisson deal was businessman Florin Andronescu, one of the company founders who also retained his position as chairman with the new Cetelem branch. Credisson, the largest company specialised in consumer credit, accounts for 19% of the market and intends to expand to 30% in the short term, Andronescu says. This market is dominated by banks due to the small number of specialised players like Credisson and Estima Finance (developed by the Romanian-American Enterprise Fund and home appliances retailer DoMo). ZF
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