Brief: Sonae SGPS's Subsidiary And Banco CTT Sign 5-Year Financial Services Partnership

CTT - Correios de Portugal SA

01/04/2021 18:01

April 1 (Reuters) - Sonae Sgps Sa  YSO.LS :
    * SUBSIDIARY, SONAE FINANCIAL SERVICES, AND BANCO CTT SIGNED
A
PARTNERSHIP AGREEMENT IN THE FINANCIAL SERVICES SECTOR FOR THE
NEXT FIVE YEARS
    * BANCO CTT WILL BE RESPONSIBLE FOR THE FINANCING OF THE
CREDITS
ASSOCIATED WITH THE UNIVERSO CARD AND ITS UNDERLYING CREDIT RISK
    * SECURITIZATION PROGRAM WILL IMPLY SALE OF CREDIT PORTFOLIO
DEVELOPED BY SONAE FINANCIAL SERVICES IN THE INITIAL AMOUNT OF
104 MILLION EUROS
    * SUBSEQUENTLY THERE WILL BE A SALE OF ENSUING CREDIT
PORTFOLIO,
EXPECTED TO SURPASS 300 MILLION EUROS IN A 12-MONTH PERIOD
    * OPERATION HAS NO IMPACT IN TERMS OF CAPITAL GAINS OR
LOSSES IN
GROUP'S CONSOLIDATED FINANCIAL STATEMENTS

Source text: https://bit.ly/31CoNAi
Further company coverage:  YSO.LS 

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