Financing your kitchen, television or car: this is what the Santander Consumer Bank in Austria specializes in. It does not offer any housing loans, checking accounts or securities, only consumer loans and vehicle financing.
The former offers partial payments, i.e. installment loans, in cooperation with retailers such as XXXLutz, Hartlauer or Intersport. This is mass business. The aim is always to subsequently grant direct consumer loans to customers for free use. 70 percent is refinanced through online savings deposits, the rest through the group.
The Spanish Santander took over the Austrian business of the US GE Money Bank during the 2009 financial crisis. So this year is the 15th anniversary.
Installment payments don’t always have the best reputation. “Today the installment loan has reached the mainstream of society,” says Olaf Peter Poenisch, CEO. The continuous growth of his bank speaks for this.
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Image: Santander
Source: Nachrichten
