Renault launches its credit company in Morocco
17 June 2008
Read by 1740 persons
Renault Crédit International Banque was approved by Bank Al Maghrib in July 2007.
The management of files will be ensured initially by Wafasalaf.
The French group Renault is clearly making a major investment in Morocco. While its Tanger assembly plant project has been widely publicized, another significant group development has gone unnoticed.
Renault is preparing to launch its own car credit company in the coming weeks. This is Renault Crédit international Banque (RCI), the group's financial company, which has decided to establish itself in Morocco. According to sources at Bank Al Maghrib (BAM), RCI Banque has indeed obtained approval to operate in Morocco.
The decision was approved in July 2007 by the BAM committee responsible for ruling on applications for approval. According to the same sources, the approval of RCI Banque authorizes it to distribute consumer loans exclusively dedicated to financing automobiles. Does this mean that RCI Banque will compete with other existing financing companies? Not entirely, because, as an informed source explains, Renault Crédit international Maroc will exclusively finance the purchase of vehicles bearing the group's brands, namely Renault, Dacia, but also Nissan and Renault-Samsung. This will prevent customers opting for one of these brands from having to go back and forth between the dealership and the credit company. RCI Banque will operate as a fully-fledged financing company with its interest rates, its criteria, and it is likely that it will have counters within the premises of the main dealerships...
Moreover, the managers of RCI Banque in Morocco have already started consultations with some local IT providers for the design of the information system.
While waiting for its own structures to be ready, RCI Banque has decided to initially entrust the management of its customers' credit files to Wafasalaf (Attijariwafa bank group) with which it has had a partnership since 2005. RCI Banque's approach to new markets is always the same: it starts by setting up a commercial agreement with a local financing company before opening, in a second phase, a representative office, and finally creating a subsidiary with the status of a financing company. It remains to be seen whether RCI Banque Maroc will be 100% owned by Renault or a joint venture with a local financing company.
Published on: 21/09/2007
lavieeco.com
The management of files will be ensured initially by Wafasalaf.
The French group Renault is clearly making a major investment in Morocco. While its Tanger assembly plant project has been widely publicized, another significant group development has gone unnoticed.
Renault is preparing to launch its own car credit company in the coming weeks. This is Renault Crédit international Banque (RCI), the group's financial company, which has decided to establish itself in Morocco. According to sources at Bank Al Maghrib (BAM), RCI Banque has indeed obtained approval to operate in Morocco.
The decision was approved in July 2007 by the BAM committee responsible for ruling on applications for approval. According to the same sources, the approval of RCI Banque authorizes it to distribute consumer loans exclusively dedicated to financing automobiles. Does this mean that RCI Banque will compete with other existing financing companies? Not entirely, because, as an informed source explains, Renault Crédit international Maroc will exclusively finance the purchase of vehicles bearing the group's brands, namely Renault, Dacia, but also Nissan and Renault-Samsung. This will prevent customers opting for one of these brands from having to go back and forth between the dealership and the credit company. RCI Banque will operate as a fully-fledged financing company with its interest rates, its criteria, and it is likely that it will have counters within the premises of the main dealerships...
Moreover, the managers of RCI Banque in Morocco have already started consultations with some local IT providers for the design of the information system.
While waiting for its own structures to be ready, RCI Banque has decided to initially entrust the management of its customers' credit files to Wafasalaf (Attijariwafa bank group) with which it has had a partnership since 2005. RCI Banque's approach to new markets is always the same: it starts by setting up a commercial agreement with a local financing company before opening, in a second phase, a representative office, and finally creating a subsidiary with the status of a financing company. It remains to be seen whether RCI Banque Maroc will be 100% owned by Renault or a joint venture with a local financing company.
Published on: 21/09/2007
lavieeco.com
