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UPDATE 1-BNP Paribas considers restructuring of consumer finance unit

Reuters · 01/06/2023 11:00
UPDATE 1-BNP Paribas considers restructuring of consumer finance unit

Adds bank statement

- French lender BNP Paribas SA BNPP.PA said on Friday it had submitted ideas for an overhaul of its consumer finance department to unions, after a media report that it was planning a restructuring of the unit.

"BNP Paribas Personal Finance presented its strategic reflections to the social partners regarding the refocusing of its activities and the adaptation of its operating model," the bank said in an emailed statement.

Citing several people familiar with the matter, Bloomberg News earlier reported that the company is exploring ways to improve returns at the unit given profitability is expected to decrease into this year.

The lender could decide to sell portions of the division or start running down some of its loan books, the report said.


(Reporting by Jyoti Narayan in Bengaluru and Tassilo Hummel in Paris; Editing by Shounak Dasgupta and Jan Harvey)

((Jyoti.Narayan@thomsonreuters.com))