Jan 6 (Reuters) – French lender BNP Paribas SA (BNPP.PA) mentioned on Friday it had submitted concepts for an overhaul of its shopper finance division to unions, after a media report that it was planning a restructuring of the unit.
“BNP Paribas Private Finance offered its strategic reflections to the social companions relating to the refocusing of its actions and the variation of its working mannequin,” the financial institution mentioned in an emailed assertion.
Citing a number of individuals accustomed to the matter, Bloomberg Information earlier reported that the corporate is exploring methods to enhance returns on the unit given profitability is anticipated to lower into this 12 months.
The lender might determine to promote parts of the division or begin operating down a few of its mortgage books, the report mentioned.
Reporting by Jyoti Narayan in Bengaluru and Tassilo Hummel in Paris; Modifying by Shounak Dasgupta and Jan Harvey
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