The agreement is signed today by Baudouin Prot, Director and Chief Operating Officer of the BNP Paribas Group and Jean-Marie Nessi, Chairman and Chief Executive Officer of AXA Corporate Solutions.
This operation of global breadth will be supported by the international network of BNP Paribas Trade Centers that has been in operation since June 2000. At present, 50 Trade Centers have been opened of which 10 are located in France. The global network is expected to inlcude 70 Trade Centers by the end of 2002. The Trade Centers, operating in the principal economic and financial centers across the five continents, comprise commercial teams specializing in international trade operations.
The objective of BNP Paribas is to broaden its commercial offer to companies who actively trade on international markets. The Group seeks to propose a Cargo Insurance policies that would be complementary to its common services related to international trade financing.
The Trade Centers will prescribe this insurance product marketed by AXA Corporate Solutions. This product , tailored to fit the needs of companies whose activity is international by nature, covers goods against damages that may occur while in transit by ship, inland waterway, land or air.
The partnership agreement includes a bilateral non-competition clause through which BNP Paribas waives its right to conclude a similar form of agreement involving an identical insurance product with another insurance company. In the same manner, AXA Corporate Solutions agrees not to conclude a similar form of agreement involving an identical insurance product with another French or foreign banking institution.
Baudouin Prot, Director and Chief Operating Officer of BNP Paribas stated, "We are pleased to have entered into this agreement with Axa Corporate Solutions, which is an integral part of the approach the Trade Centers began to develop in 2000: satisfying all the needs of importers and exporters around the world by providing them with a series of tailored solutions in the areas of banking and insurance."
Jean-Marie Nessi, Chairman and Chief Executive Officer of AXA Corporate Solutions stated that, BNP Paribas' recent implementation of the Trade Centers,whose specialized teams focus on providing support to companies in their international operations, gives rise to solutions that are complementary to AXA Corporate Solutions' international trade products. Via the Trade Centers, AXA Corporate Solutions gains access to clientele that it could not otherwise reach through its traditional distribution network.. These clients will be offered the personalized services that have come to make AXA Corporate Solutions the global leader in Cargo Insurance."
Number one French bank by market capitalisation and second euro-zone banking group ranked by earnings in 2000 and the first half of 2001, BNP Paribas is also one of the world's top five international trade financing leaders, regarding both short term operations and long term export financing.
A presence in over 85 countries underpins that leadership position with 14 desks dedicated to multisource export credit and other desks focusing on shipping and aircraft financing activities. The 70 Trade Centres to be operational by year-end 2002 will enhance these capabilities, providing clients with access to a network of 400 international trade specialists.
BNP Paribas press releases and financial information are available on the internet: http://www.bnpparibas.com
The AXA Group
Present on five continents with extensive operations in Europe, North America and the Asian Pacific region, the AXA Group is a world leader in financial protection.
AXA Corporate Solutions is the AXA Group business unit focused on covering the insurance needs of large international groups and companies with specific and complex requirements. AXA Corporate Solutions' operations are based on a client-focused organisation, allowing to break away from the traditional role of insurance capacity provider and to become a service provider offering its clients a full range of tailor-made products and services.
AXA Corporate Solutions - Marine offers a complete range of insurance solutions meeting the requirements of all actors in the shipping industry. On a worldwide basis, 35 AXA offices provide Cargo Insurance products to companies involved in international trade..
For additional information, visit our website: www.axa-corporatesolutions.com