After almost 23 years of experience at Arval, Véronique Bourgois replaces Gerry Wagner at the helm of Arval Luxembourg – a leading provider of operational leases for company cars and mobility solutions.

Véronique Bourgois has spent most of her career at Arval. She joined the company in 1998 and helped to set up the Luxembourg entity. She served as Sales and Marketing Director before her appointment as Managing Director of Arval Luxembourg toke effect on 1 January 2021.

In parallel, Gerry Wagner moved to Arval’s head office to take up the role of Director of Institutional Relations at Arval. This newly created post will see him represent Arval before international policy and decision-making bodies, contribute to the governance of professional leasing and vehicle rental associations, and speak out on Arval’s behalf regarding major decisions taken at European Union level (data, tax, energy transition, etc.). He will stay on as a director of Arval Luxembourg and continue with his duties as a spokesperson for the House of Automobile and vice-president of mobiz (association combining the main short- and long-term car rental providers in Luxembourg).

Véronique Bourgois marked her appointment with the following statement: “I would like to take this opportunity to congratulate and thank Gerry for the hard work he has put in over the past 15 years and for his commitment, which has enabled us to become a key player on Luxembourg’s operational leasing market. In almost 15 years, our workforce has increased five-fold and our fleet of vehicles on the road has gone from 1,500 to over 10,000! I am both proud and extremely excited about this new challenge. It is now my responsibility to make sure that we are providing all our clients with even more innovative mobility solutions while placing service quality at the centre of our day-to-day activities.”

You can now use a Visa debit card to shop online

BGL BNP Paribas and Visa are launching a new payment card in Luxembourg: the Visa Debit card. This new card allows you to make purchases online and in stores, both in Luxembourg and worldwide, while simplifying the management of your account thanks to the immediate debit feature.

Visa Debit is now available at BGL BNP Paribas and is accepted worldwide. It offers a far wider range of benefits than a standard debit card:

  • Spending management – keeping track of your budget is a breeze because payments are immediately debited from your account.
  • Online purchases – with Visa Debit you can shop online with peace of mind thanks to insurance covering non-compliant delivery and non-delivery of goods purchased over the internet.
  • International payments and withdrawals – the new card allows you to make payments and withdrawals worldwide, wherever Visa cards are accepted.
  • Free withdrawals – from BGL BNP Paribas ATMs and from BNP Paribas Group and partner ATMs abroad.
  • Mobile payments – contactless payments using a connected device (smartphone, smart watch).

At the new card’s launch, Romain Girst, Head of Retail Banking at BGL BNP Paribas stated: “We believe it is important to listen to our clients. They asked us for a debit card they could use abroad and we are therefore delighted to offer them the Visa Debit card, which constitutes a real innovation for the Luxembourg market. The new Visa Debit card will truly be an asset for our clients; it will allow them to better manage their spending and shop at their favourite stores, online and throughout the world. This card is a key addition to our wide range of payment cards.”

“The Visa Debit card is accepted worldwide in over 200 countries and territories, at 61 million merchant locations, which makes it the most accepted debit card worldwide. This is great news for consumers in Luxemburg, as it will allow them to have access to another payment method fitting different payment habits. We will work on developing this offer for more and more people in the coming months and years”, explained Jean-Marie de Crayencour, Country Manager of Visa for Belgium and Luxembourg.

The Visa Debit card can now be ordered directly using the BGL BNP Paribas Web Banking app or by calling Client Service on (+352) 4242-2000.

BGL BNP Paribas subscribes to i-Hub KYC services and takes a financial stake in the start-up. Launched by POST Group Luxembourg in 2019, i-Hub specialises in the automation of KYC processes via a centralised digital and secure storage solution for the personal data and supporting documents of financial institutions’ clients. 

As part of ongoing efforts to continuously optimise its operational efficiency, BGL BNP Paribas is exploring new digital and innovative solutions to better serve its customers and enhance its AML/KYC (Anti Money Laundering/Know Your Customer) tools. The partnership with i-Hub allows the bank to offer its customers a solution for the management and digital storage of their data and identification documents they are required to provide in the context of their relations with players in the financial sector.

As a Professional of the Financial Sector (PSF), i-Hub meets strict data protection and AML/KYC requirements. i-Hub has notably acquired cutting-edge and highly secure technology exclusively located in Luxembourg within resilient infrastructures. By signing a partnership with BGL BNP Paribas, i-Hub is continuing its momentum by offering an innovative outsourced KYC solution, the “KYC Partner”. In meeting a genuine need among financial institutions, i-Hub aims to become an essential, trusted partner in terms of AML/KYC regulations in the near future.

The proposed shared solution will ultimately provide each customer (natural or legal person) with free access to a “Centralized KYC Repository”, allowing them to:

  • file, consult, update or upload their documents or identification data remotely at any time,
  • benefit from automatic updates of public information relating to legal entities published on trade registers’ websites worldwide, as well as registers of beneficial owners, thus avoiding having to communicate them to their financial institutions,
  • share their file and update information and documents simultaneously with all of their financial institutions.

“Having launched i-Hub in 2019 and initially integrated POST Finance customers into our systems, this partnership with BGL BNP Paribas reaffirms the growing interest towards our KYC outsourcing and pooling solution. These processes are becoming increasingly expensive and time-consuming for financial institutions to maintain,” said Pascal MOROSINI, CEO of i-Hub.

Fabrice CUCCHI, Chief Transformation Officer at BGL BNP Paribas, explained: “Improving the client experience within a highly secure environment and strengthening the operational efficiency of our KYC systems are key priorities for the bank. We believe that the Luxembourg financial centre needs a high-level pooled system, which would benefit all parties. We are delighted to join i-Hub and Post Group in this innovative initiative.” 

About i-Hub

i-Hub (i-Hub S.A.) is a subsidiary of POST Luxembourg servicing professionals subject to AML laws. I-Hub’s core service is an outsourced KYC solution that continuously manages the updates, periodic reviews, risk scoring and name screening of KYC files for natural and legal persons, in line with each professional’s own risk-based approach.

i-Hub is a Professional of the Financial Sector and regulated by the CSSF (Commission de Surveillance du Secteur Financier) in Luxembourg.

More information available at www.i-hub.com.

About POST Luxembourg

POST Luxembourg is the largest provider of postal and telecom services in Luxembourg and offers its services to private and business customers. Other activities include postal financial services and philately. The POST Luxembourg Group, with its subsidiaries and more than 4,600-member workforce, is the main employer in Luxembourg. Founded in 1842 as an administration, POST Luxembourg is a public company owned by the Luxembourg State since 1992. Its vision is to facilitate communication and ease the transfer of data and content between individuals and companies.

Further information at www.postgroup.lu and www.post.lu 

The BNP Paribas Group in Luxembourg supports 26 community projects with total funding of EUR 64,500

The “Help2Help” programme aims to support current and retired employees of the BNP Paribas Group in Luxembourg who are involved in the community activities of not-for-profit organisations. In 2020, 26 projects have been given a total of EUR 64,500 in funding. The projects are led both at local and international level in fields including education, healthcare, the environment and humanitarian aid.

This year, a special prize of EUR 2,500 was awarded to the humanitarian organisation “Les Amis de Gandiol”, which works to promote and develop the province of Malicounda in Senegal. The purpose of the chosen project is to build latrines at Nianing High School (within the rural community in Malicounda), which has approximately 1,800 students.

“Social responsibility and solidarity are two of our Group values. I am particularly proud of the voluntary work our current and retired staff do for society. The Help2Help programme, which was launched in 2010 and is celebrating its 10th anniversary this year, gave financial support amounting to EUR 760,000 to some 400 projects. It is encouraging to see so many of our staff members getting personally involved,” stated Béatrice Belorgey, Chair of the BGL BNP Paribas Executive Committee and Country Head of the Group in Luxembourg.

To mark the 10th anniversary of Help2Help, BGL BNP Paribas is launching a competition on its brand-new Instagram account. Prizes will be awarded to two humanitarian or environmental charities operating in the Greater Region.

A video presenting the Help2Help programme can be viewed here: https://bnpp.lk/10ansH2H

About BGL BNP Paribas

BGL BNP Paribas (www.bgl.lu) is one of the largest banks in Luxembourg and part of the BNP Paribas Group. It offers an especially wide range of financial products and bancassurance solutions to individuals, professionals, businesses and private banking clients. At end 2019, BGL BNP Paribas employed 2,375 people in Luxembourg.

In 2020, BGL BNP Paribas was named “Best Bank in Luxembourg” by Euromoney for the fifth year in a row.

About BNP Paribas

BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 71 countries, with approximately 199,000 employees, of which more than 151,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean 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 as well as a solid and fast-growing business in Asia-Pacific.

The first half of 2020 was marked by the global health crisis and the bank’s support of its clients and the Luxembourg economy

The key event in the first half of 2020 was the unprecedented global health emergency. As soon as the crisis hit, BGL BNP Paribas began mobilising its teams and resources to help its clients and the economy get through these difficult times. The bank took measures to protect its staff and clients, measures which it has continued to adapt as the health crisis has developed. A large part of the bank’s employees were equipped with remote working solutions, and clients were advised to use remote banking services for their day-to-day operations. Branches remained open for urgent needs or issues that required in-branch support, but by appointment only. The vast majority of the bank’s branches are now open again to the public, whether fully or by appointment only.

Throughout this period, the bank has stood alongside its clients and has worked with them to offer responsiveness, advice and pragmatism when assessing issues and finding appropriate solutions. Our advisors have shown great dedication to supporting clients, providing explanations and telling them about the various types of assistance available.

BGL BNP Paribas has also played an active role in discussions within the Luxembourg financial centre to contribute to the support measures implemented by the Luxembourg government to help the economy. Over the past few months, the bank has granted a total of 5,275 moratoriums for operations in Luxembourg in order to help its clients with looming cashflow issues. Companies requiring additional cashflow were able to draw credit covered by various types of collateral. In total, BGL BNP Paribas granted EUR 206 million in credit in partnership with the Office du Ducroire Luxembourg, alongside government-backed loans amounting to EUR 22.6 million.

Since the start of the lockdown, the bank has also introduced measures to support those hardest hit by the crisis. It has permitted employees who were exempt from physical work presence to participate in public interest initiatives with approved associations. The bank has matched every donation made by an employee to healthcare organisations in the Greater Region that are assisting vulnerable people and contributing to medical research. Right at the start of the crisis, the bank provided 5,000 FFP2 masks and 30,000 surgical masks to the Ministry of Health. What’s more, as part of the emergency support plan rolled out by the BNP Paribas Group across more than 30 countries, a total donation of EUR 100,000 has been split across three charities: the Hôpitaux Robert Schuman Foundation, Caritas Luxembourg and Stëmm vun der Strooss. More recently, the bank has been running its “Coronavirus Solidarity” initiative. Every time a client made a payment using a BGL BNP Paribas credit card, the bank contributed 10 cents to a fund set up to contribute towards the housing costs of clients who have faced financial hardship due to the coronavirus crisis. This initiative has already allowed the bank to donate EUR 30,000 to Caritas Luxembourg.

Béatrice Belorgey, Chair of the Executive Committee of BGL BNP Paribas and Country Head of the BNP Paribas Group in Luxembourg said: “As soon as the crisis took hold, BGL BNP Paribas’ teams pulled together to make sure our clients had all the support they needed during these difficult times and to find them the best solutions. I cannot thank the bank’s staff enough for all their incredible work over the last few months. We remain fully committed to mitigating the economic and social impact of the crisis and to helping build a sustainable recovery.”

Financial statements at 30 June 2020

On 24 September 2020, the bank’s Board of Directors examined the consolidated financial statements of BGL BNP Paribas under IFRS at 30 June 2020.

Net banking income reached EUR 792.6 million, up 5% on the first half of 2019. This increase is due in particular to a sustained commercial dynamic in the various fields of activity up until mid-March 2020 and to the great efforts of the bank’s client service teams in face of the health emergency and lockdown.

Retail and Corporate Banking recorded 10% growth in average loan outstandings, boosted by an increase in mortgages and capital investment loans. Average deposit volumes grew by 2%, largely due to excellent inflows from corporate clients associated with the expansion of international cash management services.

Wealth Management posted a loss of 2% in assets under management due to an unfavourable valuation effect linked to the market downturn in Q1 2020. Net inflows remain in positive territory. Average loan outstandings grew by 17%.

Leasing International’s business operations recorded a 3% drop in average loan outstandings after new production took a hit in Q1. This was despite resilience in the development of new services for the benefit of clients.

Overheads were EUR 388.5 million, down 2% on the first half of 2019.

Cost of risk amounted to EUR -50.3 million versus EUR -51.9 million in the first half of 2019. The collective provisions include an estimation of the impact of the COVID-19 crisis.

The share of the net profits of equity affiliates (i.e. the share of net profits of subsidiaries in which the bank does not have a majority shareholding) stood at EUR 4.0 million, compared with EUR 11.3 million in the first half of 2019.

Group consolidated net profit came to EUR 199.5 million, up 9% against the net profit on 30 June 2019.

At 30 June 2020, the balance sheet total stood at EUR 55.7 billion, 2% down on 30 June 2019.

High solvency maintained

The bank’s solvency ratio was 23.6% (under Basel III rules), well above the regulatory minimum. With the Group’s share of regulatory capital amounting to EUR 6.2 billion, BGL BNP Paribas is well placed to back its clients’ projects and investments.

Interim report 30 June 2020 (in French)

The bank and the FLF extend their partnership to 2023

While it is currently difficult to organise sports events owing to the health crisis, BGL BNP Paribas and the Luxembourg Football Federation (Fédération Luxembourgeoise de Football, FLF) have sent a strong signal for the sport in Luxembourg by signing an extension to their partnership for the next three seasons at the bank’s Kirchberg headquarters on 17 September 2020.

The agreement was signed by Béatrice Belorgey, Chair of BGL BNP Paribas’ Executive Committee and Country Head of the BNP Paribas Group in Luxembourg, Thierry Schuman, member of the BGL BNP Paribas Executive Committee, Paul Philipp, President of the FLF and Christian Hess, Chair of the FLF Finance Committee.

Upon signing the agreement, Béatrice Belorgey stated that “as the new Chair of the bank’s Executive Committee, I am delighted by this partnership. Indeed, the worlds of business and sport share many values. For more than 10 years, BGL BNP Paribas has been the FLF’s main sponsor, and we are proud to support this immensely popular sport in Luxembourg.”

Paul Philipp added “we are very pleased that we can continue to count on BGL BNP Paribas. This partnership not only allows us to continue to champion football in Luxembourg, but also to inspire young people rising through the ranks.”

The season for the “BGL Ligue”, the Luxembourg football league, began in August.

BGL BNP Paribas supports Caritas Luxembourg through its “Coronavirus Solidarity” campaign

Presentation of a cheque for EUR 30,000

As part of its “Coronavirus Solidarity” initiative, BGL BNP Paribas awarded a cheque to Caritas Luxembourg on 3 September 2020 at the bank’s headquarters. In the presence of Romain Girst, Head of Retail Banking, and Cyrielle Piezanowski, Head of Operational Marketing, a cheque for EUR 30,000 was presented to Marie-Josée Jacobs, the President of Caritas Luxembourg, and Caroline Theves, Head of Donations and Legacies.

Caritas Luxembourg promotes social inclusion in Luxembourg and around the world. Supporting vulnerable people is its primary concern: single-parent families, children and young people, migrants and refugees, disadvantaged or homeless people or those with precarious housing or income, and persons who find themselves temporarily unable to cope with life. The organisation set up the Caritas Corona-Helpline to provide social support to people who, as a result of the crisis, are struggling to pay for shopping, rent or bills and feel alone in dealing with these problems.

As a socially engaged bank, BGL BNP Paribas launched the “Coronavirus Solidarity” initiative to help those facing financial hardship due to the coronavirus crisis and finding it hard to pay their bills or make everyday purchases. Every time a payment was made using a BGL BNP Paribas credit card, the bank contributed 10 cents to a fund. The funds raised meant that EUR 30,000 could be donated to Caritas Luxembourg for their Corona-Helpline.

Romain Girst, Head of Retail Banking, BGL BNP Paribas: “This crisis affects us all. For some people, the crisis has caused major financial hardship. With this in mind, we decided to launch the ‘Coronavirus Solidarity’ initiative and support Caritas Luxembourg in its efforts to help the most vulnerable members of society. Some of the amount raised through this initiative will be used by the bank to cover the housing costs of our clients facing financial hardship by helping with their monthly mortgage repayments. This solidarity initiative is the latest in a series of measures taken to support those in need since the start of the health crisis.

Marie-Josée Jacobs, President of Caritas Luxembourg: “Throughout this health crisis and beyond, when the economic impacts begin to emerge, Caritas Luxembourg will continue to support those who are disadvantaged and will bear the brunt of this pandemic. Many people have already been unable to pay rent or left homeless. We are delighted to be able to rely on a partner like BGL BNP Paribas, which, through its unique campaign, is helping us to support those in need.

About BGL BNP Paribas

BGL BNP Paribas (www.bgl.lu) is one of the largest banks in Luxembourg and part of the BNP Paribas Group. It offers an especially wide range of financial products and bancassurance solutions to individuals, professionals, businesses and private banking clients. At end 2019, BGL BNP Paribas employed 2,375 people in Luxembourg.

In 2020, BGL BNP Paribas was named “Best Bank in Luxembourg” by Euromoney for the fifth year in a row.

About BNP Paribas

BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 71 countries, with approximately 199,000 employees, of which more than 151,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean 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 as well as a solid and fast-growing business in Asia-Pacific.

About Caritas Luxembourg

Caritas Luxembourg works to promote the well-being of men and women, particularly those who are excluded, helpless or underprivileged, regardless of their background, age, nationality, or their philosophical or religious views. Its aid work is targeted at single-parent families, children and young people, migrants and refugees, disadvantaged people, homeless people and those with insecure housing or income, and persons who find themselves temporarily unable to cope with life.

Internationally, Caritas Luxembourg works side by side with the victims of natural disasters and violent conflicts, supports rebuilding and rehabilitation work and is a partner to its sister organisations in the Southern Hemisphere for development projects. Caritas Luxembourg is one of 165 members of Caritas Internationalis.

Béatrice Belorgey appointed as Chair of the BGL BNP Paribas Executive Committee and Country Head of the Group in Luxembourg

Read the press release

In early April every year, BGL BNP Paribas publishes its financial results for the previous year, after the financial statements have been approved at the Ordinary General Meeting. Given the exceptional circumstances brought about by COVID-19, the bank felt it was important to share its approach to supporting its clients through this difficult period alongside its 2019 results.

BGL BNP Paribas has been deeply committed to responding and adapting to the situation as it evolves since the onset of this serious and unprecedented public health crisis. The bank has introduced a series of measures to protect its staff and clients while ensuring continuity for its business. These solutions include spreading the teams across several locations and allowing staff to work remotely. BGL BNP Paribas is taking all necessary steps to continue to support its clients and adapt its systems as the crisis unfolds.

For retail clients, the bank has organised its operations so as to minimise physical contact in order to protect the health of staff and clients alike. In accordance with the Luxembourg government’s advice on limiting the spread of coronavirus, the bank has temporarily closed certain branches, whereas others are operating by appointment only for essential, urgent operations.

The bank encourages all BGL BNP Paribas clients to use remote banking services where possible and check the website bgl.lu on a regular basis for the latest information. At this difficult time, the bank continues to stand alongside its clients and will work with them to offer responsiveness, advice and pragmatism when assessing issues and finding appropriate solutions.

BGL BNP Paribas has played an active role in discussions within the Luxembourg financial centre to contribute to the government’s support measures, and fully supports the economic stabilisation pact that has been announced.

For professional clients and businesses, BGL BNP Paribas has introduced a new decision-making process so that requests can be handled as quickly as possible. The bank’s advisors are actively engaged in frontline activities such as calling clients, providing explanations and offering guidance on the various types of assistance available.

The bank has implemented specific measures to address immediate concerns for companies that have been affected by the pandemic:

  • For existing loans: capital and interest moratoriums of up to six months to ease imminent cashflow concerns.
  • For additional cash requirements: introduction of loans secured by varying types of guarantee (e.g. guarantees offered by the Mutualité des Cautionnements, ODL guarantees, loans requiring the involvement of the SNCI, and loans backed by the government). 

Geoffroy Bazin, Chairman of the BGL BNP Paribas Executive Committee and Country Head of the BNP Paribas Group in Luxembourg, said: “As one of the major banks in Luxembourg, we have an important responsibility in the context of this unprecedented health crisis. Our role is to assist and support our clients as much as possible during this difficult period. I would like to thank all employees of the bank, who have demonstrated tremendous collective commitment and energy to ensure an adapted service to all our clients.”

Financial results for the year to 31 December 2019

In view of the state of emergency declared on 18 March 2020 in the Grand Duchy of Luxembourg and the provisions of the Grand-Ducal Regulation of 20 March 2020 introducing measures in relation to meetings held by companies, the Board of Directors of BGL BNP Paribas decided, to protect the health of all parties, that the Ordinary General Meeting scheduled for Thursday 2 April 2020 would take place without a physical meeting. Shareholders exercised their rights through remote voting.

The Ordinary General Meeting of Shareholders thus held approved the consolidated financial statements of BGL BNP Paribas under IFRS at 31 December 2019.

Net banking income reached EUR 1,515.1 million, up 5% on 2018 (EUR 1,447 million). This increase was mainly down to sustained commercial momentum across the various business lines, even amid persistently low interest rates and economic uncertainty.

Retail and Corporate Banking recorded 9% growth in average loan outstandings, boosted by an increase in mortgages and capital investment loans. Average deposit volumes grew by 12%, largely as a result of excellent inflows from corporate clients associated with the development of cash management services.

Wealth Management, which absorbed the banking division of ABN AMRO Bank (Luxembourg) S.A. in September 2018, posted assets under management over 9% higher than the figure for 2018. All segments are showing improvement in terms of net capital inflow. Thanks in particular to a bespoke range of financing solutions, Wealth Management’s average loan outstandings grew by 18%.

Leasing International’s business operations, which are benefiting from continued commercial development in strategic regions, recorded average loan outstanding growth of 5% owing to the development of new services for the benefit of clients and due to several subsidiaries entering the scope of consolidation.

Overheads were EUR 792.4 million, up 4% on 2018 (EUR 763.9 million). This rise is mainly attributable to several subsidiaries entering the scope of consolidation (especially ABN AMRO Bank (Luxembourg) S.A. in September 2018) and investments aimed at supporting the banking and leasing business development plan and digital transformation. Ongoing expenditure remained in check and in line with the trajectory of business activities.

Gross operating income increased by 6% to EUR 722.7 million (EUR 683.1 million in 2018), reflecting a 5% rise in net banking income and a 4% rise in overheads.

Cost of risk stood at EUR 101.3 million, i.e. still at a low level given assets under management of EUR 34 billion.

The share of the net profits of equity affiliates (i.e. the share of net profits of subsidiaries in which the bank does not have a majority shareholding), stood at EUR 14.4 million, compared with EUR 1.1 million in 2018. This is mainly down to the rise in net profit at Cardif Lux Vie.

Group consolidated net profit came to EUR 345 million in 2019, up 2% compared with 2018 (EUR 338.9 million).

At 31 December 2019, the balance sheet total stood at EUR 56.6 billion, 4% higher than at 31 December 2018 (EUR 54.6 billion). 

High solvency maintained

The bank’s solvency ratio was 22.7% (under Basel III rules), which was well above the regulatory minimum. With the Group’s share of regulatory capital amounting to EUR 6 billion, BGL BNP Paribas is well placed to back its clients’ projects and investments.

BGL BNP Paribas’ Annual Report for the year to 31 December 2019 is available in French at www.bgl.lu

Press contacts:
Eliane Thines – +352 42 42-62 64 – eliane.thines@bgl.lu
Corinne Thill – +352 42 42-30 85 – corinne.thill@bgl.lu

On 24 January 2020 at the BGL BNP Paribas headquarters, the bank signed an official agreement renewing its partnership with Fairkoperativ. The cooperative was represented by its chairwoman Danielle Warmerdam-Frantz and vice-chairwoman Tessy Theissen-Bram, while the bank’s representatives were Thierry Schuman, member of the Executive Committee, and Romain Girst, Head of Retail Banking.

The partnership agreement, initially signed in 2011, was renewed for another two years, making BGL BNP Paribas the leading partner of the “D’fair Mëllech” initiative. The bank seeks to assist Fairkoperativ in its activities focusing on the production and promotion of Luxembourg fair-trade milk.

The “D’fair Mëllech” initiative, which brings together various players in the Luxembourg milk production and distribution sector, aims to ensure that milk prices are fair and provide proper compensation for the hard work of producers.

When signing the contract, Danielle Warmerdam-Frantz explained: “In launching the D’fair Mëllech initiative in 2011, we have taken it upon ourselves to offer milk to consumers at a price that covers the cost of production. From the outset, BGL BNP Paribas has been a trusted partner that has helped to bring this plan to fruition: the production of high-quality, fair-trade milk.”

Romain Girst added, “We were committed to renewing our partnership with Fairkoperativ in order to continue the work we have now been doing for nine years. Renewing this contract reflects the bank’s commitment to corporate social responsibility and more particularly, its support for Luxembourg farmers.”

 

About Fairkoperativ

Founded in 2011, FAIRKOPERATIV is a Luxembourg dairy cooperative with 51 members. It introduced its own brand of dairy products – “D’fair Mëllech” – on the Luxembourg market.

When it was first formed, the cooperative only sold one product, but it has now expanded its range to 13 different products.

“D’fair Mëllech” was honoured with the Grand Taste Award at Luxembourg’s first Food Summit in February 2017.