BNP Paribas is set to sell its Personal Finance Belgium to Apax Partner, a private equity firm, to meet the requirements of the European Commission that is concerned about the BNP Paribas Fortis deal.

Apax Partners, a private equity firm specializing in the European mid-market, supports companies’ growth across six business sectors that include technology, telecom, media, retail and consumer, healthcare, business and financial services.

BNP Paribas Personal Finance Belgium manages approximately EUR500m assets in consumer credit for 300,000 clients (revolving cards and consumer loans), and has workforce of 200 employees.

BNP Paribas said that it would remain active in the Belgium consumer finance market through Alpha Credit, a wholly-owned subsidiary of BNP Paribas Fortis and manages a loan book of EUR2.5bn.

However, the closing of the transaction is subject to approval by the European Commission and by the Belgium regulation authorities.