BNP Paribas Personal Finance and Commerzbank have entered into an agreement to jointly develop consumer credit in Germany.
Commerz Finanz, the joint venture created from this partnership, is 50.1% owned by BNP Paribas Personal Finance and 49.9% owned by Commerzbank.
Commerz Finanz will be the exclusive provider of consumer credit for Commerzbank’s personal loans and revolving credit within Commerzbank’s network of 1,200 branches.
Before the merger of the Commerzbank and Dresdner Bank networks, BNP Paribas Personal Finance undertook its activity via the Dresdner-Cetelem Kreditbank (DCKB) joint venture. Created in 2005, DCKB ensured joint development of consumer credit within the Dresdner Bank network – 700 agencies, as well as DCKB approved distribution and car sales locations.
According to BNP Paribas, Commerz Finanz, with a team of 500 employees in Munich and Duisburg and more than EUR2bn of outstanding finance, will finance at point of sale in partnership with 5,500 sales outlets and 2,000 car dealers.