Caixabank to assess possible bid for BNP's Cetelem, newspaper reports

By Reuters News

MADRID, Oct 1 (Reuters) - Spanish lender Caixabank CABK.MC has hired Morgan Stanley to assess a potential acquisition of Cetelem, the Spanish and Portuguese consumer lending business owned by BNP Paribas BNPP.PA, financial newspaper Expansion reported on Thursday.

  • Caixabank, Spain's largest lender by domestic assets, would strengthen its consumer lending activities with the deal.

  • Spanish consumer lending has recovered to highs not seen since before the global financial crisis, reflecting a shift in focus from mortgages to more profitable but riskier credit.

  • Caixabank, BNP Paribas and Cetelem declined to comment on the report.

  • Morgan Stanley representatives were not immediately available to comment.

  • Expansion said that BNP Paribas launched the sale of Cetelem's consumer finance business as part of a strategic refocusing and invited prospective bidders to submit non-binding offers over the summer.

  • Expansion said that the market estimates the value of the deal at between €900 million ($1 billion) and €1 billion.

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