Home appliances retailer Cosmo and Dutch TBIH Financial Services Group will launch a consumer credit company by the end of the year. The Dutch holding is already operating on the domestic market through TBI Leasing and TBI Credit, with the latter set to become one of the shareholders of the new lender, sources on the market say. "The sales in instalments through the Cosmo network will form the basis of the new company''s business, but the business will expand to independent stores for which we are distributors, too," stated Gyorgy Baba, Primex general manager. The company operates the Cosmo chain and is also a distributor. It posted 30 million euro turnover last year according to the data on the Finance Ministry''s website. Baba did not make further comment on the shareholder structure. TBI Credit and TBI Leasing officials did not care to comment. The TBI holding will continue to invest part of the money derived from the sale of the stake in Omniasig this year, more than 60 million euros, in consumer credit companies, in real estate credit companies, in banks and pension funds in Romania, says Efraim Naimer, who supervises the domestic operations of the fund. Consumer lending has been driving the growth of the electronics and home appliances market over last few years, with the main networks accounting for more than half of the sales made through this system every year. ZF
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