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Cetelem and UCB tie in their activities to create "BNP Paribas Personal Finance"

The birth of a global credit player Number 1 in Europe*


As announced last May, Cetelem and UCB have confirmed their tie-in for creating the “BNP Paribas Personal Finance” business line as part of the International Retail Banking and Financial Services (IRFS) Division of BNP Paribas. As initially scheduled, François Villeroy de Galhau, Head of this new business line, together with Laurent Chouraki and Bruno Salmon, nominated to assist him at “BNP Paribas Personal Finance”, reported, during an internal meeting yesterday, 22nd October, the conclusions of the working groups that have enabled to finalise the major principles of the project.

“BNP Paribas Personal Finance”, a global credit player, number 1 in Europe
The tie-in of these two companies, established in France and abroad on markets of consumer credit (Cetelem), of mortgages (UCB & BNP Paribas Invest Immo) and of loan consolidation (BNP Paribas Métier Regroupement de Crédits), will constitute the leading European player for personal finance solutions, with the pooling of 25,000 team members, a presence in 30 countries worldwide spread over 4 continents, and more than €90 billion in managed outstanding credits at the end of June 2007 (€83 billion at year-end 2006).

A strategic and industrial project opening the doors to “a global credit player”
In full expansion and undergoing a radical change due to the evolution in customer needs, the finance market, not so long ago still boxed in by certain products (consumer credit, mortgages, refinancing, etc.), is now evolving rapidly towards a global credit market. Frontiers between products and channels are thus diminishing.
In such context, Cetelem and UCB are uniting their forces to create a new potential by constructing a “global credit player”.
In France and other countries where Cetelem and UCB are both established, the offers and distribution channels will be enlarged, with means and know-how being shared and enhanced to the maximum. In countries where Cetelem alone is currently present, mortgages will be developed through the expertise having enabled UCB to boast a long-term position as major market player in areas where it is already established.
“BNP Paribas Personal Finance” will thus be able to take advantage of growth worldwide and overtake specialist market rivals.

* Subject to comment by the members of the Work's Councils gathered on 22nd October 2007

A strong ambition
On a market accounting for more than €6,000 billion outstanding credits in Europe at year-end 2006 (mortgages and consumer credit), benefiting from two-figure growth, “BNP Paribas Personal Finance” has the vocation to respond to all personal finance needs, all loans types and all channels included (direct, Internet, brokers, agents, partners, distributors, etc.), by making use of the growing number of products complementary to mortgages and consumer credit. In a broad sense, the ambition is to become, for horizon 2010, a “global player”, targeting €160 billion outstanding credits, the only non-Anglo-Saxon country in the world Top 5.
The synergies are undergoing financial evaluation. The tie-in ambition is to generate, as of 2010, almost two billion Euro in additional annual credit production, mainly in mortgages.

A brand architecture dedicated to the sales' development of the new sector
The firm desire is to capitalise upon the strength of the BNP Paribas brand name for identifying the new sector, and upon Cetelem's image reputation for sales. As for the UCB brand, this will be used wherever necessary, particularly with regard to B2B.
“Crédito”, the Cetelem character, conveys a strong reputation and image, already being used worldwide.
It becomes the code, not only for the brand, but also for communication as regards the new business line. Soon it will have the task of shouldering the future position as “global credit player”.

In France, a major country for Cetelem and UCB, this tie-in will be implemented by maintaining the two sales' networks for which the significant reorganisations carried out over the past few years will enable to apprehend the new perimeter using equivalent structures and staff.
The support functions on their part, having a back-up role in all countries, will be grouped together to ensure better cost control, aiming at improving overall competitiveness.

How "BNP Paribas Personal Finance" stands against its rivals

“BNP Paribas Personal Finance”, a global credit player, Number 1 in Europe
Outstanding credits in Europe at 31/12/2006 in billions of Euro

European TOP 10


About Cetelem
A company of the BNP Paribas Group, Cetelem, pioneer of consumer credit in 1953 and of credit over the Internet in 1997, is the market Number One in France and across Western Europe. With more than €58 billion in outstanding credits and 23,000 team members at the end of June 2007, Cetelem is present in 29 countries spread over 4 continents.
Cetelem is also the partner of reference for retail businesses, banks and insurance companies, to which it lends its know-how in the field of consumer credit.
For further information:

About UCB
More than half of its turnover being achieved on the international market, UCB, a BNP Paribas company, is today the European reference in personal mortgages. Established in a dozen countries, UCB proposes a full range of mortgages, distributed in close coordination with house agents. In France, UCB has been, for more than 50 years, a player at the forefront of the national market, constantly innovating to enable as many people as possible become house-owners. For about fifteen years, many English-speaking residents or non-residents have also chosen the company for their property investments in France. For further information: