The Associates trims its Canadian lending presence
DALLAS (April 28) — Associates First Capital Corp. will sell 41 of its Canadian consumer finance branches to Citigroup’s Commercial Credit Corp./CCC Ltd. Terms were not disclosed.
The branches being sold include 28 locations acquired earlier this year from Avco Financial Services.
Commercial Credit Corp. provides personal loan and home equity products to more than one million customers from over 1000 locally managed branches in 45 states. The Associates has a strong presence in Canada as a commercial lender; it also provides leasing, insurance, and other financial services.
Citigroup said the deal allows it to expand Commercial Credit’s “on-the-ground lending presence,” and to pursue its strategy of building on the strengths of its consumer finance business.
The transaction will close following the receipt of any necessary regulatory and board approvals. The Associates and Avco Consumer Finance networks will still have more than 300 branches across Canada.
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