BNP Paribas and Euler Hermes, the leader in international credit insurance, have signed a national distribution agreement that involves offering 32,000 corporate clients of BNP Paribas in France credit insurance solutions that meet their need to hedge customer risks. The goal is to increase the safety of clients’ business transactions and protect their assets in the event of unpaid receivables.
With its " BNP Paribas Entrepreneurs 2016" plan, the bank has undertaken to make a minimum package of 10 billion euros in credits, including 4 billion in funding solutions, available to its customers in 2014.
Currently, margin level represents the principal difficulty encountered by 88% of French companies.* Optimization of the need for working capital and preservation of assets are equally strategic requirements for ensuring business’ continued existence.
In this context, the BNP Paribas and Euler Hermes partnership aims to assist companies with business and financial problems by offering credit insurance solutions in France and internationally.
"Credit insurance is an addition to our current range of customer receivables solutions," says Denis Laplane, Manager of Corporate Clientele and Member of the Management Board of BNP Paribas Retail Banking for France. "This partnership will enable us to offer greater security to our customers for their existing business, and greater visibility of their targets and development areas, particularly on the international level."
"This partnership represents an important stage in our development and corporate assistance strategy," notes Nicolas Delzant, chairman of the Management Board of Euler Hermes France. "With 62,300 business insolvencies forecast for France in 2014, historically the highest level since 2009, it is essential that companies protect their development and assets from the hazards connected with the risk of unpaid receivables. Our experience with customer risk and our information base covering more than 40 million companies worldwide assist in safe business turnover growth."