BNP Paribas, Commerzbank in consumer credit joint venture

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.   

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. 

Sign up for our daily news round-up!

Give your business an edge with our leading industry insights.

Sign up