bpost and BNP Paribas Fortis agree new seven-year commercial partnership
bpost sells its 50% holding in bpost bank to BNP Paribas FortisThursday 1 April 2021
Following the announcement of a new partnership model on 23 December 2020, bpost and BNP Paribas Fortis today signed an agreement whereby BNP Paribas Fortis would acquire bpost’s 50% holding in bpost bank at the end of this year to become its sole shareholder.
- A seven-year partnership has been agreed between the parties, in which bpost will continue to provide the range of financial services across its post office network.
- The whole transaction should be finalized by the end of 2021.
- The commercial partnership between bpost and BNP Paribas Fortis runs from 1 January 2022 to 31 December 2028.
- Nothing will change for bpost bank customers: they can continue to expect the same outstanding service in the familiar and trusted post office setting.
- Both BNP Paribas Fortis and bpost fulfil an important role in Belgian society, with a focus on building close and personal long-term relationships with customers.
The successful partnership for the provision of financial services was launched as long ago as 1995 in a joint venture that originally went by the name “Bank van de Post/Banque de la Poste”. Now known as bpost bank, it has since become an established name in the Belgian banking landscape. The current partnership is set to end on 31 December 2021.
Today bpost and BNP Paribas Fortis announce their agreement to transform their current (50/50) partnership in bpost bank. In the future partnership between bpost and BNP Paribas Fortis, bpost will continue to offer the financial products across its post office network and BNP Paribas Fortis will acquire bpost’s share in bpost bank, becoming its sole shareholder. The aim is to finalize the whole transaction by the end of 2021, subject to the requisite regulatory approvals.
This new agreement perpetuates the long-term commercial relationship between BNP Paribas Fortis and bpost, whereby bpost will act as agent of bpost bank and BNP Paribas Fortis. This is fully in line with the proximity strategy of the two partners. As a public service provider, bpost will continue to offer financial services through its network of post offices, close to the customer.
It means that nothing will change for bpost bank customers: they can continue to expect the same outstanding service in the familiar and trusted post office setting. The transaction will have no impact on the conditions of employment of bpost bank and bpost employees.
The transaction is subject to the usual conditions, including approval by the regulators and the competition authority.
About bpost group
bpost is Belgium’s leading postal operator and a growing parcel & omni-commerce logistics partner in Europe, North-America and Asia. Our 36,000 employees in Belgium and across the globe connect consumers, businesses and government, by delivering mail and parcels to millions of doorsteps and providing e-commerce logistics services. As a people- and planet-friendly company we create long-term sustainable value for our customers and shareholders. In 2020 bpost generated a turnover of EUR 4,154.6 million.
About BNP Paribas Fortis
In Belgium BNP Paribas Fortis markets a comprehensive range of financial services to residential customers, the self-employed, professionals, enterprises and the public sector. In insurance BNP Paribas Fortis works closely, as a tied agent, with AG Insurance, the leader on the Belgian market. The bank also provides personalized solutions to high-net-worth individuals, large enterprises and public and financial institutions around the globe. In doing so, it draws on the knowhow and global network of BNP Paribas.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It operates in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
Press contact bpost :
Veerle Van Mierlo - +32 (0)472 92 02 29 - [email protected]
Press contacts BNP Paribas Fortis :
Hilde Junius - +32 (0)478 88 29 60 - [email protected]
Valéry Halloy - +32 (0)475 78 80 97 - [email protected]