BNP Paribas announces today its new brand umbrella name as part of the on-going integration activities for the business, following the acquisition of Fortis Commercial Finance by BNP Paribas in October 2011.
The rebranding of all BNP Paribas Factoring activities to the new name underscores the creation of one global factoring business with operations in 14 countries. It forms part of the harmonisation of processes and operations, as well as the fulfilment of the business's other integration ambitions, such as the creation of IT and Operations Services Centres to help achieve economies of scale.
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.
About BNP Paribas Factoring
BNP Paribas Factoring (factoring.bnpparibas.com) 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.