Bankinter Consumer Finance and Sonae materialize their joint venture to grow in the consumer credit business in Portugal

Bankinter Consumer Finance and Sonae have materialised their joint venture in the consumer credit market, so that Universo is now owned 50/50 by both institutions. The transaction has been concluded after obtaining the necessary authorizations from the regulatory entities, namely the European Commission and the Bank of Portugal.

 

Universo's growth strategy focuses on creating a leading consumer credit company in Portugal with internationalisation potential, offering a wide range of distinctive solutions.

 

Alfonso Sáez, managing director of Bankinter Consumer Finance, stated that 'this agreement with a partner of Sonae's standing allows Bankinter Consumer Finance to strengthen its presence in Portugal, a country that we view as essential in our international expansion strategy and where we have been present for over five years. "I am totally convinced that this important step will generate very positive growth for both Universo partners."

 

João Dolores, financial director of Sonae, has stated that 'our ambition is to have leading companies in their respective sectors of activity. For Universo, the objective is to lead consumer credit in Portugal, earning the trust of an increasing number of clients. The partnership with Bankinter Consumer Finance will allow us to accelerate its growth, thanks to extensive experience in the financial sector that will enhance the development and solidity of our offer, making it even more relevant and distinctive.'

 

The joint venture has an experienced and recognised team in the sector, with Alberto Ramos as chairman, a position that he will combine with that of country manager for Bankinter Portugal, and Luís Filipe Reis as managing director.

 

As a future-oriented company, Universo offers solutions in the payments, cards, consumer credit, insurance, savings and investment segments. It will consolidate a wide range of financial products and services, becoming an increasingly close partner for its clients through innovative solutions for easier management of their daily affairs.

 

Universo's development strategy plans to reinforce digitalization, favoring the emergence of new products and services that are increasingly more comfortable and easier to use.

 

The agreement now signed provides for the future integration of Universo's operations and Bankinter Consumer Finance's open market business in Portugal, subject to obtaining the necessary authorisations from the competent authorities.

 

About Bankinter Consumer Finance

Bankinter Consumer Finance, Bankinter's consumer credit subsidiary that operates in Spain, Ireland and Portugal, is one of the leading entities in this sector in the Iberian market. At the end of the third quarter of 2023, the volume of Bankinter Consumer Finance's consumer credit portfolio stood at €4.5 billion, representing a growth of 21% compared to the same period of the previous year.

 

www.bankinterconsumerfinance.com

 

 

About Sonae

Sonae exists to create long-term economic and social value, bringing the benefits of progress and innovation to an increasing number of people. With an annual turnover of more than 7.7 billion euros, Sonae manages a diversified business portfolio, covering retail, financial services, technology, investments, real estate and telecommunications, and leveraging its capabilities to create the future we all want, and we all need.

Learn more at www.sonae.pt

 

 

About Universo

Universo transforms the way families and small businesses manage their finances, offering simple and innovative financial solutions with a positive impact on their daily lives. At the end of the third quarter of 2023, Universo has more than one million clients in Portugal, registering a credit portfolio worth 399 million euros and a trajectory of consolidation and growth in the retail and financial services sectors.