London – BNP Paribas today announced that it has been awarded BP’s cash management business across Europe, following a competitive tender.
BNP Paribas will support BP’s local transaction requirements in 20 countries, including all payables and receivables totalling some 100 million transactions per annum.
BP’s decision to rationalise cash management arrangements is directly linked to its Cash and Banking Transformation Programme. This project supports BP strategy around modernising the group – in this case by standardising and simplifying cash management and transactional banking globally.
BNP Paribas will work closely in partnership with the energy company to help it improve efficiency and effectiveness of its banking architecture. Currently BP operates hundreds of bank accounts across the region and BNP Paribas will be driving to streamline these and improve visibility and control of cash for its client through a zero balancing physical pooling structure.
Improved liquidity management is a key goal of the banking project; as well as euro and Swiss franc, the currencies of the Nordics, Hungary, Poland, Ukraine and Turkey are in scope. BNP Paribas will be sole Treasury banker across all of these countries.
Commenting on the win, Pierre Fersztand, global head of Cash Management at BNP Paribas, said: “I’m delighted that BP has chosen BNP Paribas as its European provider. This deal builds on the strong relationship we already hold with our client.
“We are continuing to invest significantly in our cash management offering and our innovative products combine with a broad country footprint to create a European market-leading proposition.”