CPC Approves Acquisition of Jet Finance

The Commission for Protection of Competition (CPC) approved the acquisition deal for Jet Finance International AD Sofia. The acquiring company is the French Setelem SA, which will acquire control by purchasing shares.

Jet Finance offers financial services on the territory of the country.

Setelem offers consumer credits in 27 countries, the company had not yet stepped on the Bulgarian market. With this acquisition, the company aims at enhancing its presence in the region.

According to CPC the acquisition will not lead to the establishment of a dominant position.

Jet Finance has a small market share and there will be no changes after the acquisition takes place. According to the Commission, if its credit services deteriorate (in theory), there are plenty of other non-banking, as well as banking institutions that customers may turn to.

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