BBVA and Telefónica have established a joint venture company to sell loans to consumers and companies in Colombia.
Together, the bank and the telco have created Movistar Money Colombia, jointly controlled on a 50/50 basis, that will market loans to the over 19 million clients Telefónica has in Colombia.
The company plans to begin operations in the second quarter of 2021, with different products launched in phases, starting with loans for the purchase of terminals. Discretionary loans and business loans will be presented in a second phase.
The current agreement is specific to Colombia, but both companies say they will consider expansion to other South American countries
Jordi García Bosch, head of new businesses and strategy in clients solutions at BBVA, comments: “BBVA aims to offer the best financial products and services to Colombian clients, with a unique proposal in Colombia that is the fruit of BBVA’s leadership in digital banking. This agreement represents a boost to our strategy to continue growing and reaching new customers through agreements with leading players in their sectors, like Telefónica.”