RCI Banque, Renault’s lending subsidiary, has announced it aims to have €2 billion in deposits by the end of this year.
RCI Banque is the first French automotive finance company to launch a retail savings account. Launched in 2012, the ZESTO savings account has exceeded its deposits target for last year. Launched in February 2012 with a deposits target of €500 million, the ZESTO savings account posted total deposits of €893 million at the end of December 2012. In total, 22,250 accounts were opened, with an average deposit of €40,000.
“In 2013, our retail savings business will expand to Germany and a new term deposit will be launched in France. Our combined target across both countries is €2 billion deposits by the end of December 2013,” Dominique Thormann, Chairman and CEO of RCI Banque, said in a statement.
RCI Banque will expand its deposits business to Germany on February 18. Germany is Europe’s largest retail savings market, with more than €1,700 billion. By the end of 2014, RCI Banque’s retail savings business is expected to represent €2.5 billion, or around 10 percent of its outstandings.