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Spanish financial group enters Slovak market

SPANISH financial group Santander opened its first organisational unit in Slovakia in mid February, Santander Consumer Finance.

SPANISH financial group Santander opened its first organisational unit in Slovakia in mid February, Santander Consumer Finance.

The company will provide loan products to finance new and used cars, utility vehicles, motorcycles and trailers, its director general, Peter Palkovič, told the media. Santander is planning to expand the scope of its products in the future. Its clients in the Czech Republic, for instance, can borrow money in the form of cash loans. The company would like to introduce this service in Slovakia as well. Palkovič added that the firm will focus mainly on financing cars, at least until the end of 2009.

The Santander Group decided to enter the Slovak market as a result of the significant growth in car sales and rising demand for financial services. Some people may be convinced that the Slovak market is saturated with financial institutions, but Slovakia's automotive market still has prospects, said Palkovič.

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