By Kim Richters 
 

Telecom Italia SpA (TIT.MI) and Spanish bank Banco Santander SA (SAN.MC) agreed to launch a joint-venture to offer credit services to consumers in Italy, the companies said late Thursday.

The business will offer financing for the acquisition of devices through installment loans, they said, adding further consumer-finance and insurance products at a later stage.

Santander's Italian affiliate Santander Consumer Bank SpA will hold 51% of the newly created company that will begin operations next year, while Telecom Italia will hold 49%.

"This strategic joint venture will allow us to free up capital and reduce credit risk, at the same time supporting our sales and broadening Telecom Italia's revenue base towards new profitability opportunities," the company's Chief Executive Luigi Gubitosi said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

November 08, 2019 02:32 ET (07:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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