Following the termination of the joint venture Commerz Finanz GmbH with Commerzbank AG by mutual agreement, BNP Paribas Personal Finance now develops its business in Germany under a new brand, Consors Finanz. The 1.5 million customers, representing €4.4Bn outstandings, and 15.000 retail partners of the Consumer Finance activities are now integrated into the BNP Paribas Group without any impact on relationships and current contracts. The process is seamless for customers and retail partners which will continue to benefit from high quality financing solutions under the Consors Finanz brand.
Since 18 August, sales financing solutions for retail and e-commerce as well as for car, caravan and motorcycle dealers in Germany are distributed under the new brand. Consors Finanz will carry on its development in Germany and will continue to offer innovative solutions tailored to the needs of its clients for instalment loans, credit cards and insurance products.
“Germany is a strategic market for BNP Paribas Personal Finance and this step is an important part of the long-term growth ambitions of BNP Paribas. We have been helping German customers to finance their daily life projects for more than 15 years and will continue to improve and develop its high service level. We intend with this new opportunity to further expand our leading position in the consumer credit business in Europe.” explains Laurent David, CEO of BNP Paribas Personal Finance.
Consorsbank has already been successfully introduced in Germany as a fully digital direct bank and online broker. “Our ambition is to continue to expand the product offering in the retail segment and to meet the needs of more than 3 million private customers thanks to synergies with Consorsbank and other entities of BNP Paribas in Germany” emphasizes Lutz Diederichs, Head of BNP Paribas Germany.
With Consors Finanz, the presence of BNP Paribas and perception in the retail business will be further strengthened. “Our retail and automotive partners and their customers will benefit from the expertise and innovative capacity of BNP Paribas. With innovative service offerings, the group supports the specific needs of trade and commerce, particularly in view of digital transformation,” adds Benoit Cavelier, head of SUN Region (Southern Africa, UK, Northern Europe), BNP Paribas Personal Finance.