BNP Paribas Factoring Network and Fortis Commercial Finance unite under one name: BNP Paribas Factoring.
BNP Paribas is the European market leader in factoring in terms of geographic coverage, turnover and revenues. The new name also calls on the overall BNP Paribas brand, which is internationally recognised as a number one bank by brand value in Europe, according to the 2012 Top 500 Banking Brands survey, published by The Banker in February this year.
BNP Paribas Factoring employs about 1,300 professionals and is present across Europe (Belgium, Denmark, France, Germany, Italy, Luxembourg, Poland, Portugal, Spain, Sweden, Turkey, and the United Kingdom), with additional footprints in Asia (Hong Kong) and Africa (Morocco). From now on, when referring to a global business, the umbrella name BNP Paribas Factoring is used, while local name in most countries will become BNP Paribas Factor. This is in line with the BNP Paribas Brand strategy that allows for the leveraging of the robust international image of BNP Paribas Group while at the same time staying close to customers by using a local name.
From a visual perspective, all operations use the same graphical identity towards clients, collaborators, and the international factoring community.
BNP Paribas Factoring is number one in Belgium and Luxembourg by market share; and holds leading positions in France, Italy, Morocco and Turkey. Patrick de Villepin, Global Head of Factoring at BNP Paribas, comments, "Operating under the same umbrella brand name will help reinforce the business's prominent position in the region. The acquisition of Fortis Commercial Finance already strongly increased our business, allowing us to support clients in many more European countries. This move allows us to take that further to the benefit of our customers. It also perfectly fits BNP Paribas Group's strategy - One Bank for Corporates, which provides clients with complete banking solutions that span all the bank's capabilities from a single point of contact in Europe.
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BNP Paribas Factoring offers companies access to the cash they require to meet their working capital needs, acquire added-value business, finance research, launch new products, foster innovation, or go international, wherever they are in their lifecycle. Its solutions are not only high-value multi-product and multi-channel by nature, but can also be domestic, multi-local or international. BNP Paribas Factoring has operations in 12 European countries, as well as Hong Kong and Morocco. It has been characterised by sustainable growth since its creation and at the end of 2011 its turnover amounted to €91bn.
About BNP Paribas
BNP Paribas has a presence in 80 countries with nearly 200,000 employees, including more than 150,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
Source: IFG