Telecom Italia (TIM) and Spanish financial services provider Banco Santander have officially launched their partnership to offer a consumer finance delivery platform to TIM customers throughout Italy following the deal reached at the end of last year. TIM said instalment plan financing for product purchases will be progressively rolled out in TIM retail stores all over the country, with personal loans, credit cards and insurance products designed to meet customers’ needs set to follow in the future.
The partners said the launch of consumer finance services is the first step following the creation of the new joint venture that will begin operating once the required authorisations have been obtained. It will allow TIM to further reduce debt and optimise credit costs, boost its customer relationships and give Santander Consumer Bank access to a larger pool of clients.
The joint venture will be based in Turin and is 51 percent owned by Santander Consumer Bank and 49 percent by TIM.
