BNP Paribas, a France-based financial group, has adopted a new brand name 'BNP Paribas Cardif', for its insurance unit.
Until the present, the insurance business had used three brand names: BNP Paribas Assurance, the corporate brand; Cardif, the commercial brand for product distribution via external partners; and BNP Paribas, the commercial brand for product distribution via the retail banking network in France.
French banking group said that the BNP Paribas Assurance name enjoyed only relative awareness and recognition and was not easily associated with the Cardif brand, making it difficult to effectively promote the company.
According to the BNP Paribas, the new brand name will combine the solidity, power and attractiveness expressed by the banking group, plus the recognized expertise associated with Cardif.
BNP Paribas chairman and CEO Eric Lombard said that this is a very important year in the development of the company. The group has unified and rationalized the brand structure and inaugurated its new headquarters, both strong signs of a cohesive enterprise.