by Pierre Ferzstand, Global Head of Cash Management, BNP Paribas
On 12th May 2009, BNP Paribas completed the acquisition of Fortis Bank, becoming the number one bank in Europe for deposits and comprehensive European coverage. Following months of uncertainty and fragility in the banking market, BNP Paribas has remained resilient through the crisis. With the acquisition of Fortis Bank, the newly combined business is poised for future success in supporting our clients and delivering product and service innovation. BNP Paribas and Fortis Bank are highly complementary businesses, with each partner bringing strength and expertise in particular customer segments and geographies.
For example, BNP Paribas is experienced in providing global products to large corporations worldwide, in addition to serving the needs of retail and corporate clients in its domestic markets, France and Italy. We have particular expertise in emerging markets such as the Gulf States, North Africa, Asia (including India and China) and a full service offering in the US through Bank of the West. Fortis Bank, on the other hand, has developed a well-deserved market reputation for excellence in supporting the ambitions of large mid-cap corporates across Europe, together with a strong domestic presence in countries as diverse as Belgium, Luxembourg, Turkey and Poland.