El Corte Inglés tries to expand its business branches and is immersed in the search for a partner to enter the sector of investment fund management, pension funds and savings products.
The distribution giant initiated before the summer a selection process with the aim of finding a reference ally to enter the business of collective investment institutions including names such as Mutuactivos, BlackRock, Andbank and Santander, as progressed on Tuesday El Confidencial.
The firm that is finally chosen will be responsible for profiling and managing the products that will subsequently be marketed under the brand of El Corte Inglés. However, financial sources knowledgeable about the process assure THE WORLD that it is at a very early stage and that the choice “goes long”.
Negotiations take place a halfway through the economic impact that the coronavirus pandemic is having at the general economic level and in the consumer and retail sectors, in particular.
The department store chain reported losses of EUR 510 million in the first quarter of its fiscal year between March and May a few weeks ago, of which EUR 338 million corresponded to provisions to deal with the effects of covid-19.
A result of the cessation of activity in many of its centers, although the maintenance of the food sale allowed El Corte Inglés to maintain 59% of its revenue during that period, in addition to the online sale.
Precisely its digital structure would be one of its strengths in order to develop the business of marketing funds and financial products. Although this sector is heavily banked, customers are increasingly opting for this route to access investment products and the company chaired by Marta Alvarez could take advantage of it to attract new investors.
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