Telecom Italia: to form consumer finance JV with Santander

(CercleFinance.com) - Italian telecommunications group TIM said that it has signed an agreement with Spanish bank Santander to form a joint venture that will offer consumer finance services to TIM's clients in Italy.


The plan is to initially offer financing for the purchase of smartphones via installment loans, subsequently followed by other consumer finance and insurance products.

Under the terms of the deal, the transaction will be carried out through the creation of a joint venture in which Santander will control 51% and TIM 49%.

The new company is expected to begin operations next year.

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