The new Personal Finance business aims to fulfil the entire range of personal lending needs by exploiting the growing overlap between consumer lending and mortgage lending – the expanding offer, growing distribution channels, accelerated international growth and improved sharing of expertise and resources.
By bringing together the activities of these subsidiaries operating in the French and international consumer credit markets (Cetelem), the mortgage market (UCB and BNP Paribas Invest Immo) and the debt consolidation segment (BNP Paribas Métier Regroupement de Crédits – loan consolidation), BNP Paribas will become Europe's leading personal finance operator, with total lending of €86 billion and a world-wide presence in 30 countries.
The Personal Finance business will be directed by François Villeroy de Galhau, CEO of Cetelem, Laurent Chouraki, CEO of UCB, and Bruno Salmon, Chief Operations Officer of Cetelem. This team will be responsible for planning between now and October, deciding on the methods for consolidating operations and evaluating the expected synergies, particularly the additional revenues.
Following the launch of the Equipment Solutions business last September, BNP Paribas is now creating a second growth accelerator within its IRFS division. By bringing together the two leading personal finance operators, BNP Paribas will be able to expand its strong personal lending customer base, while the competitive advantage gained through its specialist personal finance services will boost the bank's international development.
Part of the BNP Paribas Group, Cetelem was the pioneer of consumer credit in 1953 and on-line credit in 1997 and is now the market leader in France and Continental Europe. With over 30 million customers and 21,000 employees, Cetelem is present in 27 countries and on 4 continents. Cetelem is also a renowned partner of retailers, banks and insurance companies, providing its consumer credit know-how.
For further information: www.cetelem.com
A BNP Paribas company, UCB has been a leading mortgage specialist in France for more than 50 years. Today, UCB is the leading private mortgage provider with international coverage. UCB has operations in a dozen countries, proposing a complete portfolio of mortgage solutions, distributed directly or through intermediaries. In each market, UCB always works closely with local real estate professionals. Over half of company revenues are generated outside France.