local banks, and Heller Group, represented by its Austrian subsidiary, plus the Interna- tional Financial Corporation which introduced Heller to the market. The venture was a great success and this entity is today still one of the market leaders.

Meanwhile, after 20 years of market activity in Poland, factoring has become a mature business with 23 separate firms and 20 banks offering factoring products with the sup- port of local IT providers. In 2001 the providers established the Polish Factors Asso- ciation, which promotes factoring and seeks to boost business. In the last five years factoring turnover in Poland has increased threefold, achieving one of the highest growth rates in the business in Europe.

The BNP Paribas Group is represented in Poland by BGŻ BNP Paribas S.A. and by com- panies directly linked with BNP Paribas Group operating entities. The business operating under the new name BGŻ BNP Paribas Faktoring Sp. z o.o. since June 2015 was originally founded in December 2004. In September 2006, Netherlands-based Fortis Commercial Finance Holding N.V. acquired a small factoring business called 4Factor Sp. z o.o. as part of a Fortis strategy to enter the Polish market. Since that time the business has changed owners and names. The BNP Paribas Group s connection with the company began in October 2011 when the Group acquired the worldwide network of Fortis Commercial Finance, which was the European leader in factoring at that time. BNP Paribas Bank Polska took over the firm in April 2012 and changed the name in June of that year to BNP Paribas Factor Sp. z o.o.

After these ownership changes, BGŻ BNP Paribas Faktoring is now developing fast. Market share, which stood at 1.6% at the beginning of 2014, is forecast to reach 7% (including the Bank BGŻ portfolio) by the end of 2015, while the largest market player has a 15% share. CEO Stéphane Bécoulet underlined: The factoring market in Poland is growing fast because the product is offered in a highly professional manner and is well structured. It provides management of receivables, increases liquidity and delivers not only funding but also credit cover if there is a need. The finalisation of the merger between BNP Paribas Bank Polska and Bank BGŻ will have a significant impact on the size and strength of the business as Bank BGŻ is a local bank with highly developed expertise in the agriculture sector, which will help to diversify the portfolio.

Thanks to the international reach of the BNP Paribas Group Factoring business BGŻ BNP Paribas Faktoring is in a position to offer its clients more than competitors are able to do. For example, the Group has developed a product called Multi-Local. This is a cen- trally negotiated factoring offer for corporates that conduct business in several countries and wish to centralise the coordination of their liquidity and receivables management.

Prospects for the factoring business are currently very good, as the Polish economy has consistently achieved higher growth than most other European countries over the last 25 years, with a GDP growth rate of 3.4% in 2014 and an excellent forecast for 2015.

ZESPÓŁ ZARZĄDZAJĄCY BGŻ BNP PARIBAS FAKTORING. OD LEWEJ

DO PRAWEJ: JERZY OSTROWSKI (DORADCA ZARZĄDU), MARIUSZ

TROJANOWSKI (DYREKTOR FINANSOWY), MICHAŁ KAZIMIERCZAK

(DYREKTOR DS. RYZYKA), PAWEŁ TOMALA (DYREKTOR SPRZEDAŻY,

CZŁONEK ZARZĄDU), STÉPHANE BÉCOULET (PREZES ZARZĄDU),

MACIEJ CZYŻ (DYREKTOR DZIAŁU ZARZĄDZANIA NALEŻNOŚCIAMI,

CZŁONEK ZARZĄDU)

THE MANAGEMENT TEAM OF BGŻ BNP PARIBAS FACTORING. FROM

LEFT TO RIGHT: JERZY OSTROWSKI (SENIOR ADVISOR), MARIUSZ

TROJANOWSKI (FINANCIAL DIRECTOR), MICHAŁ KAZIMIERCZAK (RISK

& COLLECTION DIRECTOR), PAWEŁ TOMALA (SALES DIRECTOR, BOARD

MEMBER), STÉPHANE BÉCOULET (GENERAL MANAGER), MACIEJ CZYŻ

(RECEIVABLE MANAGEMENT DIRECTOR, BOARD MEMBER)

226 B N P PA R I B A S I N P O L A N D : B U S I N E S S L I N E S A N D S U B S I D I A R I E S