The merger of BGL BNP Paribas and BNP Paribas Luxembourg operations has now been completed! Less than one year after the Board of Directors adopted the industrial plan for Luxembourg and following the merger of legal entities on October 1, the operational merger – consisting of the transfer of BNP Paribas Luxembourg activities to the technical and operational platforms of BGL BNP Paribas – took place over the weekend of October 30. This sweeping and important operation, which requested a long preparation including the contributions of many of the bank's teams, has been successfully completed.
Today BGL BNP Paribas is acutely aware that its clients' needs are both unique and multi-faceted, and is focusing more than ever on maintaining close contact with the individuals, professionals, businesses and institutions it serves:
• As Luxembourg's no. 1 bank for businesses and no. 2 bank for individuals, Retail & Corporate Banking offers a comprehensive range of products and services to help clients realize their projects.
• Private banking teams have now been brought together as Wealth Management, which ranks as Luxembourg's no. 1 private bank. They offer domestic and international clients premium and tailor-made solutions.
• Backed by the Luxembourg market's largest trading room and the capacity of BNP Paribas group, experts in Corporate & Investment Banking offer products and services to both internal and external clients.
• BNP Paribas Personal Investors uses a multi-channel platform to distribute financial products designed for international clients seeking sophisticated service combined with the flexibility of day-to-day management by Internet, telephone or in person.
BNP Paribas in Luxembourg offers the widest range of services and products in the Grand Duchy
The merger of BNP Paribas operations in Luxembourg set the stage for deployment of new levers for growth and development designed above all to serve clients' activities and plans.
The group is present in Luxembourg through BGL BNP Paribas and several other entities:
• Following the tie-up, BNP Paribas Securities Services is now the largest provider of fund administration services in Luxembourg in terms of number of funds (based on Fitzrovia's ranking by agent at year-end 2009).
• BNP Paribas Real Estate Luxembourg is Luxembourg's leading specialist in property management, with over 14 years of experience in managing buildings and property companies; coordinating building projects, interior design/decoration and renovation; conducting technical audits; and consultancy.
• Operational leasing specialist Arval manages vehicle fleets for SMEs as well as multinationals. Arval has grown rapidly from the start and is now one of the top five automobile leasing companies in Luxembourg.
• Cardif Lux International is a leader in international life insurance in Luxembourg, offering high net worth individuals personalized service that includes access to a very wide range of assets.
• Present for over 30 years on the Luxembourg market, BNP Paribas Leasing Solutions specializes in rental solutions for professional equipment.
• BNP Paribas Investment Partners is the BNP Paribas entity specializing in asset management. The tie-up with Fortis Investments created a world-class asset management team with an even wider global presence, greater resources and a broader range of investment solutions.
Building on the diversity of its activities and expert skills of its professional teams, the group contributes actively to the development of Luxembourg's financial market and banking sector. The whole staff makes client service its top priority, providing encouragement and concrete assistance in day-to-day business to help clients' plans take shape.
Corporate social responsibility in Luxembourg – a reality
BGL BNP Paribas employs over 2,800 people, making it not only a key player but a benchmark for the Luxembourg job market.
Altogether BNP Paribas counts 4,000 staff members in Luxembourg and is the number-one employer in the financial sector and the country's second largest private-sector employer.
As a socially responsible business, the group, through BGL BNP Paribas, is today, more than ever, committed to societal issues in Luxembourg through corporate philanthropy and the sponsorship of sporting and cultural events, as well as initiatives promoting sustainable development.
About BGL BNP Paribas
BGL BNP Paribas is one of the largest banks in the Grand Duchy of Luxembourg, with a balance sheet totalling EUR 52.5 billion at 30 June 2010. Now a leader on its domestic market, it offers an especially wide range of financial products to individuals, professionals, private banking clients and businesses. BGL BNP Paribas is Luxembourg's number-one provider of banking services to professionals and small- and medium-size companies, and number two in services for individuals. It is also the leader for bancassurance.
About BNP Paribas
BNP Paribas is one of the six strongest banks in the world* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
* Rated AA by Standard & Poor's, i.e., 3rd rating level on a scale of 22.