News

10.28.2011

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La Rédaction

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BNP Paribas enters the microcredit business in Italy

source : Boursier.com

Areas devoted to microfinance in ordinary bank branches – that’s one of the projects of the Italian bank BNL, a subsidiary of BNP Paribas, which has just acquired 15% of Permicro, Italy’s main Microfinance Institution. Permicro was created in Turin in 2007 but has yet not managed to really get off the ground – on 31st December 2010 it had 995 credits altogether, according to EIF, the European investment fund.

All the same, according to a European Union study, more than 20% of Italians would have a problem in obtaining a regular bank account. In that context, BNP Paribas’s investment, which amounts to EUR 1.5 million, appears more than welcome.

The bank has been active in microcredit in France for several years, in partnership with ADIE, the main microcredit operator.

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