TRUWORTHS INTERNATIONAL LIMITED
Fashion retailer Truworths International Ltd is to step up its thrust into
customer financial services by offering personal loans to selected account
holders on a pilot basis through a newly formed company, Truworths Financial
Services (Pty) Ltd.
The company is a joint venture between Woolworths Financial Services (Pty) Ltd,
a specialist provider of financial services in the retail industry, and
Truworths International Ltd.
Tony Taylor, Truworths deputy managing director, said today that Woolworths
Financial Services and Truworths would contribute different resources to the
venture.
"Truworths will provide access to its 800 000 account holders, as well as its
brands and Woolworths Financial Services will contribute their expertise in
management, administration and risk analysis skills.
"Truworths has been offering retail credit for over 50 years and we see
personal loans as a logical extension of that offering. This is an opportunity
to further entrench our relationships with our account holders. We know our
customers well and will be targeting only those account holders whose payment
patterns indicated they can take on the debt.
"To help our customers decide whether they can afford the loan repayments, we
will provide them with a budget planner, which will identify their regular
monthly expenses and determine the extent of disposable income they can
allocate to service additional debt."
Deon de Kock, director of Woolworths Financial Services, says the joint venture
is part of its strategy to leverage off its existing skills and infrastructure
base.
"Woolworths Financial Services has been in this business for over seven years
and has developed a range of financial services offerings such as personal
loans, cards and unit trusts among others.
"As a result we are in a strong position to offer the necessary administrative
expertise and systems to facilitate an excellent service for Truworths in its
new venture."
Truworths Financial Services will in time extend its offering in the financial
services arena. Card customers are already offered life assurance under the
Trucover banner in partnership with Metropolitan Life.
Account holders accepting the personal loan offer will be given the opportunity
to insure themselves against death, retrenchment and disability. -ends-
ISSUED FOR: Truworths Financial Services
BY: De Kock & Kerkhoff Communication Consultants
INQUIRIES: Tony Taylor 021-460-7950
Deon de Kock 021-407-9111
Mike Kerkhoff 021-424-5280
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