the Marketing Shower: BNP Parisbas Fortis Rebranding

BNP Paribas Fortis : 1 year later

Case study: Rebranding of brands

Francis PeeneJune 9, 2010

2

The difficult and uncertain period

Top meeting weekends05/10: 1st agreement on take- over by BNP Paribas and dismantling Fortis

Uncertainty•Fortis juridical arrests and appeals•Turbulent shareholders meetings

Take-over by BNP Paribas is official•BNP Paribas buys 74.93% of Fortis Bank Belgium and 16% of BGL, in exchange for BNP Paribas shares•Fortis Bank buys 25% + 1 share of AG Insurance (Fortis Insurance Belgium), pays cash

27 28 4 5Sept Oct Nov Dec Jan Feb Mar Apr May

20

2008 2009

3

83 countries13 Mio. clients

Who is BNP Paribas?

202.300 employees

Strong Ratings: Standard & Poor’s (AA+) and Fitch Rating (AA-)

Nominated by Global Finance magazine :

“1 of the safest banks in the world”

Retail BankingAsset MGT & Private Bk,

Corporate & Investment Bk& Insurance

European Leader

Top 10 banks worldwide

4

The brands BNP Paribas and BNP Paribas Fortis

Origin of the brand BNP Paribas

Reassure

Seduce

Reputation

Weak Strong

Strong Weak

• Retail Frankrijk• Retail Afrika• Corporate Banking

• Capital Markets UK/US• Private Banking / Asset

Management Europe

5

The brands BNP Paribas and BNP Paribas Fortis

The brand BNP Paribas

6

The brands BNP Paribas and BNP Paribas Fortis

Group’s Brand Architecture

7

The brands BNP Paribas and BNP Paribas Fortis

One of the best known international banks in our retail markets

1

3

6

8

…Deutsche Bank was mentioned 6 times

…BNP Paribas was mentioned 6 times

…Citibank was mentioned 5 times

…Société Générale was mentioned 5 times

…Barclays was mentioned 4 times

…HSBC was mentioned 3 times

…Raiffensen Bank was mentioned 3 times

…ING was mentioned 2 times

…Santander was mentioned once

1

6

3

5

9

Number of countries in which the bank is mentioned spontaneously in the top 3 of foreign banks (by retail customers) …

What are all the foreign banks and financial institutions you know of, even if only by name? (14 key markets for BNP Paribas, mainly in Europe)

8

The brands BNP Paribas and BNP Paribas Fortis

BNP Paribas brand identity

Values Attitude

BehaviorHeritage

The bank for a changing world

CreativityAmbition

CommitmentResponsiveness

Committed

Doesn’t talk like other banks

Global perspective but sensitive to local

Human/responsibleAnti-conformist

Optimistic/positiveOpen-minded

Not herd instinct

Born in Paris in 2000

Hybrid merchant bank + retail banking

A global company early in its history

9

Top meeting weekends05/10: 1st agreement on take- over by BNP Paribas and dismantling Fortis

The brands BNP Paribas and BNP Paribas Fortis

Market research, key in supporting choice for new brand name

First feedback from clients concerning the take-over by BNP Paribas

Decision new brand name

5Sept Oct Nov Dec Jan Feb Mar Apr May2008 2009

8 30

Testing if hybrid brand works for Belgium

Uncertainty•Fortis juridical arrests and appeals•Turbulent shareholders meetings

Take-over by BNP Paribas is official•BNP Paribas buys 74.93% of Fortis Bank Belgium and 16% of BGL, in exchange for BNP Paribas shares•Fortis Bank buys 25% + 1 share of AG Insurance (Fortis Insurance Belgium), pays cash

10

± 30% Market Share

The brands BNP Paribas and BNP Paribas Fortis

Who is BNP Paribas Fortis?

17.300 employees

Strong credit ratings:Standard & Poor’s (AA)Fitch Rating (AA-)Moody’s (A1)

Client TrustChallenge to regain client trust

Market positions in Belgium:n°1 deposits n°1 consumer creditsLeader in Private Banking

Shareholders:BNP Paribas (74,93%)Belgian State (25%)Other (0,07%)

3,6 Mio. Retail clients

11

The brands BNP Paribas and BNP Paribas Fortis

Introduction of the brand BNP Paribas Fortis

Weakness

Strength

Crisis Foreign Bank

1st bank in Belgium(bank-insurance) Solidity

12

=

Introduction of the brand BNP Paribas Fortis

A hybrid brand with the best of :

+

13

The brands BNP Paribas and BNP Paribas Fortis

Testing if hybrid brand works for Belgium

Base: Total rep sample (n=1001) in % top 2Green: significant difference (95% CL); White: directional difference (90% CL)

32

27

44

14

26

24

21

20

0 10 20 30 40 50 60

A humane bank

A bank for prosperouscitizens

A bank for everyone

No unnecessary risks togain more profit

Handles in the interest ofits customers

A bank offering trust

A bank offeringperspectives

Can survive the financialcrisis

31

25

52

16

30

32

27

29

0 10 20 30 40 50 60

31

27

52

17

26

29

22

26

0 10 20 30 40 50 60

Fortis Bank(n=300)

BNP Paribas(n=300)

(Fortis) (BNP Paribas) (n=401)

2.3

2.5

2.5

2.6

2.1

3.2

2.8

2.8

2.7

2.8

2.8

2.8

2.5

3.4

2.8

2.9

2.6

2.6

2.6

2.7

2.3

3.4

2.8

2.9

A B C

A

A

A

A

A

The ‘BNP Paribas’ brand obtains higher ratings than ‘Fortis bank’ on ‘A bank offering trust’ and ‘can survive the financial crisis’ and ‘A bank for everyone’. The co-branding also scores better than Fortis Bank on the last two elements.

14

Evolution of the communication

The new green arrives…

15

Evolution of the communication

Before…

16

Evolution of the communication

Brochures and foldersRetail

17

Evolution of the communication

The Private Bank universe

Private

18

Evolution of the communication

First Results: Spontaneous use of brand name

20% 24% 17%

19% 18%19%

64%61% 58%

0%

20%

40%

60%

80%

100%

Totaal Klant Geen klant

Study conducted October 2009

19

Competent staff, knowing their products very well

Not commercially pushy, not only going for bonuses

Topmanagement honest and truly engaged

Client service,no hard-selling

A person of confidence,Stability of the staff

Active, with initiative (not only talking)

Transparent productsKnowing what you get

Safe and guaranteed Clearly

knowing/understanding the risks

New products, innovations

Open, informative, transparent and respectful

communication

Controlled by the state, with guarantees

Checked and advised by external, neutral finance

specialists

Honest and competent topmanagement, long term

thinking

Core values:-Transparency- Honesty- No nonsense- Competence- Acting- Real client- and service oriented

The ideal bank for our clients

We asked our customers what they expect from an ideal bank

20

A bank that listens to his customers

A bank wanting to build long term relationships with his

customers

Client service,no hard-selling

Good advise and offering solutions

Putting the interest of the clients before the interest of

the bank

Simple products, not too complex

Transparent on conditions and risks

Open, informative, transparent and respectful

communication

Good price/qualityEthical and socialBe there for the client and be

accessible (banking at a distance, flexible opening hours)

Core values:

-Real client and service oriented-Transparancy

-Honesty-Ethical/social

The ideal bank for our employees

We asked our employees what they expect from an ideal bank

21

Based on this feedback we defined 5 promises

22

1ste big campaign was not a corporate campaign, but a proof of our promise to be a partner

Anticipates on the Credit Crunch

Evolution of the communication

1ste External BNP Paribas Fortis campaign: “1 miljard euro”

23

Icons to give clear information

24

Evolution of the communication

New external campaign “Accessibility”

25

Evolution of the communication

New external campaignes “Listening” & “Batibouw”

Thank you!