Uruguay’s credit card company Creditel will
double its number of cards in circulation by 2013 thanks to its
purchase by Spain’s Banco Santander.
According to business news agency BNamericas,
Creditel’s company director Carlos Crosta also expects the
acquisition to increase Creditel’s assets by 50% annually “over the
next few years”.
Go deeper with GlobalData
Banco Santander has announced plans to acquire Creditel for an
undisclosed sum. The deal is yet to be approved by Spain’s central
bank.
Santander has said it will keep Creditel’s management and will
not merge the company with Santander Uruguay – the country’s
largest private bank.
“Creditel’s main hurdle for growth has been funding,” Crosta
told BNamericas.
“With support from Santander, it’s not crazy to think of growing
at 50% rates annually over the next few years. Uruguay’s
macroeconomic variables bode well for us, so we have a strong
growth outlook for the company.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCreditel currently has 120,000 cards in circulation and operates
through 75 branches in Uruguay.
