Polar Shakeup Follows Credit Shenanigans

Polar Shakeup Follows Credit Shenanigans

People Corporate & Sovereign Strategy Chile

Chile’s La Polar has reshuffled its leadership and says it expects to raise loan-loss provisions by up to CLP200bn ($429m) due to unauthorized practices in the management of its credit portfolio. Chile’s Sernac consumer protection authority had initiated legal proceedings last week against La Polar, after receiving complaints of the retailer changing terms of credit agreements without customer consent. “Lending practices came to light that might have been carried out without autho

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