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August 5, 2009updated 12 Apr 2017 4:34pm

BNP Paribas sees revenue slide in Q2, announces Fortis integration plan

BNP Paribass Equipment Solutions business unit, which includes BNP Paribas Lease Group, reported that revenues had been hit by the unfavourable trend in the used vehicle market in Q2, falling 8.8 percent year-on-year to 259 million Despite operating expenses at the French lessor declining 2.2 percent and the cost of risk falling 17.3 percent to 43 million, pre-tax income at the business unit was 35 million, compared to 49 million in the same period last year

By Jason T

BNP Paribas’s Equipment Solutions business unit, which includes
BNP Paribas Lease Group, reported that revenues had been hit by the
unfavourable trend in the used vehicle market in Q2, falling 8.8
percent year-on-year to €259 million. On a quarter-on-quarter
basis, revenue was 22.2 percent up, however.

Despite operating expenses at the French lessor declining 2.2
percent and the cost of risk falling 17.3 percent to €43 million,
pre-tax income at the business unit was €35 million, compared to
€49 million in the same period last year.

In terms of the BNP Paribas Fortis integration, which began in
mid-May, the bank said that this was “continuing actively”, and
added that the business plan would be publicly unveiled on December
1st later this year.

The first phase, which entailed assessing the new entity from a
top-down approach, has already been completed, the bank said.

The second phase, which involves over 200 work groups across all
business units and territories, will try to determine how the new
organisation will work and will come up with a precise estimate of
synergies and restructuring costs.

An analysis of the merger between BNP Paribas Lease Group
and Fortis Lease appeared in the June issue of
Leasing
Life.

Jason T Hesse

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