SUCCESSFUL GROWTH STRATEGY: BNP PARIBAS FACTOR ACCOMPLISHES SALES GROWTH AND IMPROVES SME-APPROACH
Continued growth: BNP Paribas Factor once again achieved a significant growth in sales. At € 21.2 billion, the factoring subsidiary of BNP Paribas increased its annual turnover by 23% compared to the previous year, thus further strengthening its market position as provider of innovative national and international financing solutions.
In 2016, in-house factoring and international business were key growth drivers, accounting for 97% of sales. In-house factoring revenues increased by 22% compared to 2015. Foreign debt increased by 51% year-on-year, while sales in Germany remained reasonably stable. Geographically, BNP Paribas Factor was able to expand its revenues in Western and Eastern Europe by 33% respectively. The factoring provider generated its biggest share in turnover in the "trade and commerce" sector. Here, BNP Paribas Factor recorded an increase of 33% compared to the previous year.
"We also expect further growth in 2017 through the existing sales activities of the BNP Group and our partnerships. In addition, we are planning an SME-campaign with the objective of providing € 1 bn of alternative financing for medium-sized companies. Our focus is on supporting companies with receivables financing in Germany and abroad, "says Thorsten König, Managing Director at BNP Paribas Factor GmbH. "In order to continue our growth path, we are well positioned for the future. With our new Chief Sales Officer, Dennis Wallenda, we have a specialist who will develop and continue the successful growth strategy of BNP Paribas Factor. "
Dennis Wallenda joined BNP Paribas Factor as Chief Sales Officer at the beginning of this year. Previously, he had been working for Norddeutsche Landesbank, most recently in the position of Director of Supply Chain Finance in Corporate Finance.