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.
This combination of domestic and cross-border capability results in a substantial depth of offering and unprecedented market coverage, from retail customers through to large multinational corporations, with comprehensive solutions across Europe and in key markets globally. Together, we bring a wealth of solutions across the spectrum of companies’ cash management needs, including notional and physical cash pooling, and we are a leader in SWIFTNet solutions for corporates, with the largest number of corporates connected to SWIFT globally. We are a strong player in the Single Euro Payments Area (SEPA). Fortis was the first bank to test EBA for SEPA Direct Debits and the first to support a large corporation with high volumes of SEPA Credit Transfers.