Consors Finanz is a German

consumer loan Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...

company that is a subsidiary of major French bank

BNP Paribas BNP Paribas (; sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial instituti ...

. The focus of the business is the allocation of consumer loans, especially sales financing for retail and online trade as well as for car, caravan and motorbike dealers. Products include installment credits, card products with drawing limit and bullet loans as well as additional insurance and accessory products in co-operation with partners. Business partners are trading companies of all sizes as well as banks and insurances. The consumer loan sales work via direct cooperation with trading partners which use the financing products as an instrument of

merchandising Merchandising is any practice which contributes to the sale of Product (business), products ("merch" colloquially) to a retail consumer. At a retail in-store level, merchandising refers to displaying products that are for sale in a creative w ...

Bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

s, insurances, organizations and

institution An institution is a humanly devised structure of rules and norms that shape and constrain social behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions and ...

s can also handle their consumer loan business via Consors Finanz as

outsourcing Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally. Outsourcing sometimes involves transferring employees and assets from one firm to another ...

partner. The business is a member of the

Association of German Banks The ''Bundesverband deutscher Banken'' (BdB, also branded as Bankenverband and in English as Association of German Banks) is the representative body of profit-oriented banks in Germany and a key lobby group for Germany's financial sector. The Bd ...

History

In 2001 Cetelem S.A. acquired 70% of the former WKV Bank in Munich and founded the Cetelem Bank GmbH. The bank was a

Joint Venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

of the BNP Paribas Personal Finance S.A. (former

Cetelem Cetelem is a French company specializing in consumer credit for household electrical equipment, personal loans, car loans and credit cards. Cetelem is the commercial brand of ''BNP Paribas Personal Finance'', which is a wholly owned subsidiary ...

S.A.) and of the

Dresdner Bank Dresdner Bank AG () was a German bank, founded in 1872 in Dresden, then headquartered in Berlin from 1884 to 1945 and in Frankfurt from 1963 onwards after a postwar hiatus. Long Germany's second-largest bank behind Deutsche Bank, it was eventually ...

AG. In 2005 an ownership structure of 50,1 % BNP Paribas Personal Finance S.A. and 49,9 % Dresdner Bank was agreed and the Cetelem Bank was changed to Dresdner-Cetelem Kreditbank GmbH. Through the merging of the Dresdner Bank with the Commerzbank the partnership shares were transferred to the Commerzbank AG in May 2009. In the beginning of June 2010 the Dresdner-Cetelem Kreditbank was changed to Commerz Finanz. In August 2017 BNP Paribas Personal Finance and Commerzbank separated. BNP Paribas continues the business of the Commerz Finanz as sole shareholder. With the introduction of the brand Consors Finanz the bank bundled sales financing solutions for retail and online trade as well as for car, caravan and motorbike dealers.

References

External links

Official Website Consors Finanz BNP Paribas

Consors Finanz at Federal Financial Supervisory Authority
{{Portal, Banks Banking in Germany Economy of Munich BNP Paribas