23.05.2008

JCB and BNP establish JV

JCB has entered into a new joint venture partnership with BNP Paribas Lease Group, to offer retail and wholesale financing solutions to its customers and dealers throughout Europe.

The joint venture will offer a full range of leasing and other retail finance programmes for JCB customers, as well as providing flexible facilities to support dealer inventory and demonstration equipment requirements.

The two companies created their first joint venture in France in 1994. Since then, cooperation has continued to grow in Europe and, more recently, in India and North America.

The joint venture, 50.1 percent of which will be held by BNP Paribas Lease Group and 49.9 percent by JCB, will initially offer retail financing solutions for new and used JCB machines in France, Spain, Italy and Germany with extended services and territorial coverage planned in due course.
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Philippe Bismut (L), CEO, BNP Paribas Lease Group and Sir Anthony Bamford chairman of JCB, at the signing ceremony.

David Miller, managing director of financial solutions at JCB, said: “JCB has grown rapidly in recent years, in seeking to continue this impressive growth we want to enhance the support available to customers for JCB machines by providing more innovative and comprehensive financing solutions. We also want to improve the financing support available to JCB dealers. The creation of our new JCB Finance joint venture in Europe is an important milestone.”

Miller added: “BNP Paribas Lease Group is Europe’s leading specialist in equipment financing with over 50 years’ experience. We have worked with them successfully for over three decades, and I am delighted that we can now bring our two organisations together to invest in a substantial and exciting new venture in support of JCB customers and dealers.”

Bertrand Gousset, managing director of the equipment& logistics solutions international business line at BNP Paribas Lease Group, said: “The signature of this new JV is a major step forward, reaffirming the long-standing relationship between BNP Paribas Lease Group and JCB.”

“Accompanying JCB in its development initiatives is a challenge we are happy to take up. Together, we will build new financing solutions that will allow us to create and shape the future of this high-growth sector."