AIG - COMPAÑÍA FINANCIERA ARGENTINA
We envisaged that a parent company with the funding capabilities of AIG Consumer Finance Group, Inc and local management expertise as available at Compañía Financiera Argentina could implement lending strategies that would facilitate consumer acceptance, and generate consumer loyalty substantially reducing marketing, distribution, and collection costs, enhancing return and reducing risk.
The Argentine market for consumer lending could be described as underdeveloped with high growth potential. The total population of Argentina is of about 36 million inhabitants, of which 15 million dwell in urban areas. Of these, 7 million live in the city of Buenos Aires and its surroundings. The low state of indebtedness of Argentine families suggests that consumption credit will be the retail segment's star during the coming years. Consumer credit (such as motorcar liens) and credit cards will concentrate most part of the activity. Credit cards' participation in the economy is low - around 0.3% (GDP) - when compared to developed countries like the US. where it amounts to three percent. The total consumer lending potential market for consumer lending could be reasonably calculated in no less than $5 billion. The market is barely covered at 10% of its present demand.
AIG press release can be seen here.
Banco Francés press release is included as well.
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