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Cetelem And Dresdner Bank Strengthen Their Partnership With a Major Agreement

Published On 30.11.2004
Dresdner Bank expands its consumer finance activity in Germany Cetelem consolidates its presence on the German market and its number 1 position in Continental Europe

Cetelem, a subsidiary of BNP Paribas, and Dresdner Bank have just signed a major agreement aimed at expanding their partnership on the long term and developing their business in Germany, the leading European market in consumer finance.

This agreement, which is subject to approval by the regulatory authorities, provides for an increase in their joint company's capital with Cetelem and Dresdner Bank holding 50.1% and 49.9% of the capital respectively. Over 2005, this joint company will progressively integrate all standardised instalment loans produced by Dresdner Bank AG's branch distribution network, one of the major German retail banks.

This operation is in line with the BNP Paribas strategy, who relies on its specialised subsidiaries to ensure its international development in the field of customer services. In this way, Cetelem consolidates its position in Germany by capitalising on the network of 740 Dresdner Bank own branches and of Allianz agencies, and also reinforces is leading position in consumer finance in continental Europe.

This investment highlights Dresdner Bank's dedication to provide attractive products to its customer base, by relying on Cetelem's operational, technological and financial know-how.

Cetelem and Dresdner Bank have been partners since 2001, via a joint company which operates in all fields of consumer finance: point-of-sale and direct-to-customer finance, instalment and revolving loans. This joint company aims at becoming one of the premier specialists in consumer finance in Germany.
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Cetelem
A company of the BNP Paribas group, is the leading provider of consumer credit in continental Europe, with €31.5 billion outstanding loans under management at the end of September 2004. For over 50 years, Cetelem has been a key partner for retail brands, banking establishments and insurance companies, to whom it brings its know-how in the fields of credit, back office management and risk management. Cetelem is present in 20 countries around the world.

Dresdner Bank
The Dresdner Bank Group has about 990 branches and almost 32,300 staff in about 60 countries around the world. It is one of the largest banks in Europe in terms of total assets and the numbers of customers. Since 2001, Dresdner Bank has been a wholly-owned subsidiary of the Allianz Group. The combination of Allianz and Dresdner Bank offers customers considerable added value by providing them with a wide range of insurance and finance products, a large variety of sales channels and expanded advisory capacity and expertise.