The new personal finance business aims to cater for the entire range of personal lending needs by exploiting the growing overlap between consumer lending and mortgage lending.
While Cetelem operates in the French and international consumer credit markets, UCB is engaged in the mortgage market and the debt consolidation segment. By combining the activities of these activities, BNP Paribas is expected to become a leading European personal finance operator, with total lending of E86 billion and a global presence in 30 countries.
As a result, BNP Paribas will be able to expand its personal lending customer base, while the competitive advantage gained through its specialist personal finance services will boost the bank’s international development.