Pepper Group has confirmed that negotiations with Spanish bank Banco Popular to form a 50-50 joint venture have formally ceased. The partnership was originally meant to allow both parties to pursue opportunities in the unsecured consumer finance market.
After commencing discussions in July 2016, both companies agreed it was in their best interests to terminate any further action towards the proposed joint venture due to a change in strategic priorities.
This decision now means any agreements between Pepper Group and Banco Popular are no longer legally binding.
“We are committed to our consumer finance businesses in Australia and internationally, this decision will not affect Pepper’s Australian or international operations,” a spokesperson from Pepper told Australian Broker.
“Pepper now has $52.2bn in assets under management and boasts some of the world’s brightest people among our 1,900 employees spanning Australia, Asia and Europe – we continue to pride ourselves in great customer service and a flexible approach to solving problems.”
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