Postbank Acquires BNP Paribas Personal Finance, Rebrands as PB Personal Finance

The products and services offered by “BNP Paribas Personal Finance” until now will be preserved “in their full scope”, and will be offered to current and new customers as a product line “PB Personal Finance, part of Postbank” (PB Personal finance by Postbank) “. The “Deposits with a Future” platform will be added to the bank’s portfolio, which allows opening and managing deposits entirely online. As of March 2023, deposits from individuals attracted by “BNP Paribas Personal Finance” amount to nearly BGN 180 million.

At the moment, there are no plans to integrate the two existing branch networks, as the existing 44 sites of “BNP Paribas Personal Finance” will be rebranded, but will remain separate and continue to operate in a separate system.

“Under the new brand “PB Personal finance, part of Postbank” our customers will continue to receive a variety of attractive products and fast services in order to fully meet their expectations and high demands. The creative approach and innovative ideas are deeply rooted in the values ​​of both companies, and this is the key to a new understanding of banking that we share and will integrate into a new Beyond banking concept providing more value and benefits for customers,” commented Postbank CEO Petya Dimitrova.

Deal number 4

The acquisition of the activity of “BNP Paribas Personal Finance” is the fourth for Postbank after its privatization. Back in 2007, it bought DZI Bank (formerly Roseximbank), and more recently – the Bulgarian branches of the Greek Alpha Bank and Pireaus Bank.

The first of the two Greek “weddings” was announced in 2015 amid the height of the debt crisis gripping Athens, with Postbank closing the deal for the branch of Greece’s Alpha Bank in 2016. The official price was not announced, as in the summer of 2015 Greek media and Reuters wrote that it is about the symbolic amount of 1 euro. In February 2016, it became clear that Postbank will raise its capital by 55 million euros so that it can meet regulatory requirements after taking over the assets of Alpha Bank in Bulgaria. Two years later, in November 2018, Eurobank’s subsidiary institution Ergasias announced the acquisition of another bank with Greek capital in the country – Piraeus. This put an end to the kind of consolidation of financial institutions with Greek owners in the local market. At the time, the amount paid was 75 million euros, and the deal was finally finalized in the summer of 2019.