Covid-19: BNP Paribas supports employees and customers
20.03.2020 | Group
The evolution of Covid-19’s spread and the stringent protection mechanisms put in place in many countries give rise to concerns and doubts. In this unprecedented situation, BNP Paribas has taken exceptional measures. The objective is to protect the Group's employees while helping economic actors – and our clients in particular – overcome the difficulties encountered. This involves measures tailored to each situation that respond as closely as possible to the emergency while preparing for economic recovery.
Ensuring business continuity
Like most banking institutions, BNP Paribas is prepared to deal with exceptional situations. The Group has thus set in motion its Business Continuity Plan, a specific system for it to best protect the health of employees while maintaining essential tasks and services both to private and professional customers. Building on a diversified and integrated model that bolsters financial strength and resilience, the BNP Paribas Group is able to support all clients in overcoming these extraordinary circumstances in every countries it operates.
Prevent and regularly inform
To avoid travel and minimise contact between individuals, BNP Paribas encourages the use of digital tools whenever possible. The bank also prefers digital communications to inform, reassure and interact with its customers. In the United States, Bank of the West sent an information notice to each client and created a dedicated website area (‘Here to help’) with a summary of hygiene and prevention measures, and the Covid-19 telephone helpline. More broadly, in each country the Group operates, client advisers and all BNP Paribas employees are being mobilised to help and respond to the challenges of this crisis.
Support our clients, particularly in most-affected countries
Economic actors need strong support to limit the impact of the ongoing crisis, particularly in some highly affected areas. BNP Paribas supports all clients in order to offer them a maximum of flexibility and exceptional solutions throughout the crisis, and to ensure as much economic recovery as possible.
In Italy, BNP Paribas announced a six-month moratorium on corporate lending (40,000 customers), while Artigiancassa, a BNP Paribas subsidiary dedicated to craftsmen, has granted additional credit lines to support these businesses, and established a dedicated advisory centre to inform and help clients.
Information and community support are integral to the exceptional framework in place for corporate clients (professionals, small- and medium-sized businesses, ETI, etc.) at BNP Paribas in France, with several major measures to date:
- acceleration of processing funding requests from professional and PE clients affected by the slowdown in their business to within a maximum of five days;
- BNP Paribas advisors also contact corporate clients to assess the consequences of the crisis on their situation (cash, sales, procurement, HR, etc.) and determine action plans;
- adjustments to cash flow solutions and loan deferrals (up to 6 months) are reviewed on a case by case basis;
- staying close to customers, BNP Paribas is also available to answer information requests about the French government’s measures (postponement of social and tax maturities, etc.) and evolution of the markets.
Advice through regular monitoring and analysis of marketsBNP Paribas can provide real-time analysis of global markets for its clients all over the world. Economic actors need support more than ever to limit the impact of the current crisis.
The Group offers in-depth economic analyses that anticipate the impacts of decisions taken at a global level by central banks and governments. These analyses serve clients, particularly those of BNP Paribas Asset Management and BNP Paribas Wealth Management. As such, the asset management and investment business lines can offer an ‘advisory’ approach that relies on an analysis of financial markets to draw lessons and make recommendations on asset allocations.