UniCredit completes first ever Romanian BPO
Published: July 06, 2016
- The latest landmark Bank Payment Obligation (BPO) transaction was completed between firms in Romania and Germany
- The participants in the transaction were Adiss SE and Huber SE
- In addition, UniCredit has become the first BPO-ready bank in Bulgaria
UniCredit has successfully completed the first Bank Payment Obligation (BPO) transaction ever carried out in Romania, for the payment of a commercial operation between Romanian firm Adiss SE, one of the leading companies in processing urban and industrial wastewater in Romania, and its supplier, German company Huber SE, a major manufacturer for industrial facilities to treat water, wastewater and sludge.
“We are very proud to have completed the first ever BPO in Romania as it underlines once again our leadership in digitalization in transaction banking. With the BPO, we can offer our corporate customers a solution, which combines automated processing of flows with careful cost management, prompt payments and financial options for the seller. We are a frontrunner in this segment as we were also the first bank processing the BPO in Germany and Italy, and we are now getting ready for more markets,” says Gianfranco Bisagni, Deputy Head of Corporate & Investment Banking (CIB) at UniCredit.
“This BPO is the first ever completed by a UniCredit bank in Central and Eastern Europe (CEE). It marks an important milestone for UniCredit as we look to spread the availability of secure and efficient trade settlement throughout the CEE region and beyond,” said Enrico Minniti, Head of Central & Eastern Europe Corporate & Investment Banking (CEE CIB) at UniCredit. “The BPO’s inaugural use in Romania demonstrates the increasing recognition by banks and corporates of the significant benefits provided by the BPO. Moreover, UniCredit has also become the first BPO-ready bank in Bulgaria”.
This is the latest in a number of landmark BPO deals in recent years. In October 2014, UniCredit was the first bank to complete the first BPO transaction ever in Germany, between a German and Japanese company. The transaction allowed RVT Rühr-und Verfahrenstechnik to increase sales volumes by selling insured receivables to UniCredit and providing Mitsui & Co Plant Systems with more attractive payment terms.
More recently, in February 2015, UniCredit successfully completed the first BPO transaction ever carried out in Italy between SPIG S.p.A., a leading producer of industrial cooling systems, and one of its German suppliers.