BBVA: teams up with Telefonica on consumer loans in Colombia

(CercleFinance.com) - BBVA and Telefonica plan to start a joint venture in Colombia that will sell loans to over 19 million clients that the phone company has in the country.


The new financial firm - called Movistar Money Colombia - will be controlled on a 50/50 basis and will offer loans to both people and businesses, the companies said.

The move comes after BBVA and Telefonica conducted a commercial pilot for six months in Colombia, which confirmed the potential for this type of loan among a base of over 300,000 Movistar customers.

The companies said they plan to begin operations in the second quarter of 2021, with the different products launched in phases, starting with loans for the purchase of terminals.

Discretionary loans and corporate loans will be presented in a second phase, they said.

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