Update: BNP Paribas Fortis SA/NV

The stable outlook on Belgian bank BNPPF mirrors that of BNPP, its ultimate parent holding company. This reflects S&P Global Ratings' view of BNPPF as a core subsidiary of BNPP. The rating on BNPPF is therefore at the level of our 'a+' group credit profile (GCP) for BNPP, and any change in the latter would trigger a similar rating action on BNPPF. BNPPF is 99.94% owned by BNPP. In May 2009, BNPP acquired 75% of Fortis Bank SA/NV (renamed BNPPF from Jan. 1, 2013), and, in November 2013, it acquired the remaining stake in BNPPF from Belgium. BNPPF is one of the largest commercial banks operating in Belgium, with a leading position in retail and private banking (342 branches and

...BNP Paribas Fortis (BNPPF) is a core subsidiary of BNP Paribas (BNPP). It operates primarily in Belgium, one of its parent group's domestic markets. It also hosts BNPP's full-service vehicle leasing business (Arval) and activities in Luxembourg and Turkey. BNPPF is integrated into BNPP from a risk, human resources, IT, and strategic perspective. It is one of the largest commercial banks in Belgium, with a leading position in domestic retail and private banking. Furthermore, the bank operates a universal banking model, and offers insurance products, wealth management, and asset management services for both Belgian households and corporates under its Belgian retail division. The acquisition of the remaining 50% of Bpost Bank--and the seven year partnership with Bpost--reinforce its retail and local presence throughout Belgium and distribution capacity. It enjoys a strong customer base, but needs to reinvest excess resources adequately without increasing risks. The refinancing of BNPP's leasing...

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