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ENGIE and BNP Paribas Factor Sign A Partnership to Provide Greater Assistance to Mid-size Companies - ENGIE and BNP Paribas Factor are partnering to set up a pilot collaborative reverse factoring program on an international scale - BNPParibas.com / ENGIE.com
ENGIE and BNP Paribas Factor Sign A Partnership to Provide Greater Assistance to Mid-size Companies

 

NewswireToday - /newswire/ - Paris, Ile-de-France, France, 2015/12/03 - ENGIE and BNP Paribas Factor are partnering to set up a pilot collaborative reverse factoring program on an international scale - BNPParibas.com / ENGIE.com. FR0010 208488

   
 
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In early 2015, energy sector leader ENGIE embarked upon a study to find the best business solution as support for its suppliers. The resulting study showed the interest of “reverse factoring” to achieve this end, especially for mid-size companies.

After consulting with market players, the Group chose the reverse factoring service of BNP Paribas Factor to offer ENGIE suppliers short-term financing at a single, most attractive rate. Suppliers subscribing to the program will be able to send their invoices electronically to ENGIE and receive immediate payment without waiting for payment dates, thus benefiting from immediate liquidity to extend and develop their activity.

The program’s first phase will cover up to 8,000 French suppliers and will be offered in early 2016 for durations of six to ten months. The program will also enable ENGIE to enhance its purchasing management and stabilize its supply chain. The objective is to extend the arrangement to all Group entities in France, in anticipation of its international development.

“This reverse factoring program fits perfectly with ENGIE’s desire to be a responsible partner in the life of mid-size companies. We work on a daily basis with a large number of companies and are aware of our impact on these partners’ development. Today, we anticipate their needs by offering them an innovative cash-management solution,” explains Sergio Val, Senior Vice President, Corporate, in charge of the ENGIE Group’s M&A, Financing and Treasury Division.

“We are thrilled with the confidence demonstrated in this program by ENGIE and are anxious to put the entire expertise of BNP Paribas Factor at its disposal. The partnership developed with ENGIE makes possible a simple, rapid financing solution at competitive pricing for all its suppliers. Through the signature of this reverse factoring facility we reaffirm our ability to take into account the concerns and requirements of companies of all sizes to support the real economy,” concluded Ms. Bozana Douriez, CEO of BNP Paribas Factor.

About ENGIE
ENGIE (engie.com) develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation, security of supply and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 152,900 people worldwide and achieved revenues of €74.7 billion in 2014. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).

Investor Relations contact: T:+33(0)1 44 22 66 29 - E: ir[.]engie.com.

About BNP Paribas Factor
BNP Paribas Factor, a subsidiary of the BNP Paribas group, is French leader in factoring and management solutions for suppliers and trade accounts.

With €41.1 billion in purchased revenues at the end of 2014, an increase of more than 13% over 2013, and over 400 employees, BNP Paribas Factor offers a complete range of services for customers of all sizes and business sectors, including invoice financing, reminders and collections, and securing trade accounts. BNP Paribas Factor, named “Best Import-Export Factor” for 2014 and 2015, is one of the European market leaders. It supports its customers internationally thanks to the BNP Paribas Factoring network, which is active in 15 countries, including 13 in Europe, and through its membership in the international networks of Factors FCI (Factors Chain International) ands IFG (International Factors Group).

About BNP Paribas
BNP Paribas (bnpparibas.com) has a presence in 75 countries with more than 185,000 employees, including 145,000 in Europe. It ranks highly in its two core activities: Retail Banking & Services (comprised of Domestic Markets and International Financial Services) and Corporate & Institutional Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin 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 and solid and fast-growing businesses in Asia-Pacific. 


 
 
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Written by / Agency / Source: GDF SUEZ | ENGIE

 
 

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ENGIE and BNP Paribas Factor Sign A Partnership to Provide Greater Assistance to Mid-size Companies

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ENGIE | BNP Paribas
Publisher Contact: Press Office - ENGIE.com 
+33(0)1 44 22 24 35 / +32 2 510 76 70 engiepress[.]engie.com
 
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