BNP Paribas Personal Finance (BNPP) has entered into a joint
venture with Commerzbank in an effort to become a major player in
providing consumer credit in the German market by 2012.

Commerz Finanz is 50.1%-owned by BNPP and 49.9%-owned by
Commerzbank offering point-of-sale financing at 5,500 sales outlets
and Commerzbank’s 1,200 branches across
Germany.   

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The consumer credit service will be fully operational by the
fourth quarter of 2010, according to the banks.  

For BNP Paribas, the agreement with Commerzbank underpins its
drive to reinforce a significant presence in key European markets
alongside Alpha Credit in Belgium and Cetelem in France. 

In 2005, BNPP struck a deal with Dresdner Bank prior to its
merger with Commerzbank, offering consumer credit via Dresdner’s
700-branch network. 

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