The FINANCIAL — The rebranding of all BNP Paribas Factoring activities to the new name underscores the creation of one global factoring business with operations in 14 countries.
As BNP Paribas reported, it forms part of the harmonisation of processes and operations, as well as the fulfilment of the business’s other integration ambitions, such as the creation of IT and Operations Services Centres to help achieve economies of scale.
BNP Paribas is the European market leader in factoring in terms of geographic coverage, turnover and revenues. The new name also calls on the overall BNP Paribas brand, which is internationally recognised as a number one bank by brand value in Europe, according to the 2012 Top 500 Banking Brands survey, published by The Banker in February this year.
BNP Paribas Factoring employs about 1,300 professionals and is present across Europe (Belgium, Denmark, France, Germany, Italy, Luxembourg, Poland, Portugal, Spain, Sweden, Turkey, and the United Kingdom), with additional footprints in Asia (Hong Kong) and Africa (Morocco). From now on, when referring to a global business, the umbrella name BNP Paribas Factoring is used, while local name in most countries will become BNP Paribas Factor.
This is in line with the BNP Paribas Brand strategy that allows for the leveraging of the robust international image of BNP Paribas Group while at the same time staying close to customers by using a local name.
From a visual perspective, all operations use the same graphical identity towards clients, collaborators, and the international factoring community.
BNP Paribas Factoring is number one in Belgium and Luxembourg by market share; and holds leading positions in France, Italy, Morocco and Turkey. Patrick de Villepin, Global Head of Factoring at BNP Paribas, comments, “Operating under the same umbrella brand name will help reinforce the business’s prominent position in the region.
The acquisition of Fortis Commercial Finance already strongly increased our business, allowing us to support clients in many more European countries. This move allows us to take that further to the benefit of our customers.
It also perfectly fits BNP Paribas Group’s strategy – One Bank for Corporates, which provides clients with complete banking solutions that span all the bank’s capabilities from a single point of contact in Europe.
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