BNP Paribas Leasing Solutions claims European Lessor of the Year at the Leasing Life Conference & Awards 2024.
BNP Paribas Leasing Solutions celebrated another successful year at the 21st Leasing Life Conference and Awards. The prestigious event, held in Milan, brought together senior business leaders from the world of leasing to discuss industry trends and recognise outstanding achievements.
During the conference, Pascal Layan, Deputy CEO at BNP Paribas Leasing Solutions and Carmen Ene, CEO BNP Paribas 3 Step IT shared insights on the evolving leasing landscape. They emphasised the benefits of advanced ecosystems, especially within vendor leasing, as a way to solve client challenges and deliver exceptional customer value.
The evening culminated in the highly anticipated awards ceremony, where BNP Paribas Leasing Solutions was once again honoured with the title of “European Lessor of the Year.” This back-to-back win solidifies the company’s position as the leading leasing company in Europe. Additionally, BNP Paribas 3 Step IT was recognised for its outstanding contribution to the circular economy, receiving the award for “Best Circular Economy Model.”
“We are incredibly proud to be recognised by the industry for our commitment to excellence and innovation,” said Pascal Layan, Deputy CEO at BNP Paribas Leasing Solutions. “These awards are a testament to the hard work and dedication of our talented teams. We are grateful to our partners and clients for their continued trust and support.”
BNP Paribas Leasing Solutions remains committed to supporting its partners and clients in their transition to a low-carbon future. By leveraging and promoting sustainable financing solutions, the company is driving positive change in the asset finance industry.
Getinge announces new European partnership with BNP Paribas Leasing Solutions for innovative payment solutions. The bespoke finance solutions will make it easier for healthcare professionals to invest in Getinge’s products and solutions, helping them to preserve working capital and in parallel, transition towards sustainable usage-based models.
Sebastien Blanche, Global Head Getinge Financial Services at Getinge said: “With BNP Paribas Leasing Solutions we’re in a great position to strengthen our customer offering in Europe. This partnership is about being creative and adding measurable value, especially by reducing the cost of acquisition for life-saving Getinge technology.”
The partnership will operate as part of Getinge Financial Services, which is a dedicated team of experts enabling health care projects through creative acquisition models. Getinge has been offering financial services since 2015 covering working capital finance, equipment and technology finance and managed equipment service packages.
Jeroen Veldhuizen, Global Head of Medical Market at BNP Paribas Leasing Solutions said: “I’m very happy to see Getinge and BNP Paribas Leasing Solutions join forces to offer innovative and competitive finance solutions to healthcare professionals across Europe. I am confident that our combined expertise together with the structural shift towards sustainable usage-based models will make this partnership a success.”
About Getinge
With a firm belief that every person and community should have access to the best possible care, Getinge provides hospitals and life science institutions with products and solutions that aim to improve clinical results and optimize workflows.
The offering includes products and solutions for intensive care, cardiovascular procedures, operating rooms, sterile reprocessing and life science. Getinge employs over 10,000 people worldwide and the products are sold in more than 135 countries.
BNP Paribas Leasing Solutions announced the appointment of Neil Pein as its new Chief Executive Officer, effective March 18, 2024. Pein succeeds Isabelle Loc, who has been promoted to Head of Commercial & Personal Banking in France and will join the BNP Paribas Executive Committee.
Pein, previously Head of Payments for BNP Paribas, brings extensive experience within the Group to his new role. He will report to Thierry Laborde, Chief Operating Officer of BNP Paribas and Head of Commercial, Personal Banking & Services (CPBS).
“With his extensive experience in the Group, Neil has all the qualities needed to support the development of Leasing Solutions, a business in which he knows the challenges and the teams. I’m sure that Neil will be able to take up the torch from Isabelle, who has successfully led the transformation of this business at the heart of the real economy,” said Thierry Laborde.
Neil Pein, 42, had held the position of Head of Payments for BNP Paribas since 2021, where he played a pivotal role in the business’s transformation. He rejoined the Group in 2018 and was instrumental in the creation of Axepta BNP Paribas, a business line serving retailers. Additionally, he spearheaded the development of “New Digital Business,” a unit that unites payment-related Fintechs within the Group, including Nickel, Floa, and Lyf.
Prior to BNP Paribas, Pein began his career in financial markets with Goldman Sachs. He joined BNP Paribas in 2007 as an equity derivatives trader before transitioning to the Group’s Financial Management department from 2013 to 2016. During this period, he focused on acquisitions, divestments, and capital optimization initiatives. In 2016, he was appointed Sales Director at BNP Paribas Leasing Solutions for technology equipment leasing in France.
Neil Pein holds a Master of Science degree from New York University and is a graduate of Ecole Polytechnique.
Ford Trucks and BNP Paribas Leasing Solutions join forces to offer tailor-made financing solutions in Europe. Ford Trucks customers will benefit from the most suitable financial solutions under the brand “Ford Trucks Lease”.
Ford Trucks reached an agreement with BNP Paribas Leasing Solutions to offer finance solutions to their customers based in France, Germany and Benelux. Through this cooperation, customers will be able to access a range of leasing and financing solutions for all their requirements across the Ford Trucks Dealer Network.
Ford Trucks, Ford’s only heavy commercial vehicle production hub worldwide, joined forces with BNP Paribas Leasing Solutions, part of the BNP Paribas Group, Europe’s leading bank and an important international banking player. Together, they will offer Ford Trucks’ customers financing solutions in France, Germany and the Benelux countries.
As an innovative brand that pays attention to its customers’ needs, Ford Trucks regularly introduces new business models that make an impact on the global market. Building on more than 60 years of experience in truck manufacturing and product development for international markets, Ford Trucks is taking another step to strengthen its aim of being a “companion” that cares about its customers and improves their business. As part of the new cooperation with BNP Paribas Leasing Solutions customers who choose Ford Trucks vehicles in France, Germany, and the Benelux can now benefit from Ford Trucks Lease’s financing options in line with country and market dynamics.
Following back-to-back launches in Portugal, Spain, Italy, Belgium and Luxembourg, Ford Trucks continued to take strategically concrete steps in its growth journey in Western Europe by making successive appointments of distributors in Europe’s biggest markets, Germany and France last year. With this agreement, the company will offer financial leasing, operational leasing and loan solutions to its customers in the regions, under the “Ford Trucks Lease” brand through its distributors.
Ford Trucks Lead Serhan Turfan: “As our global journey continues, we offer our customers more benefits through our cooperation with BNP Paribas Leasing Solutions.”
Noting that the logistics needs are on the rise, in line with heightened commercial activity, particularly in recent years, leading to an increase in heavy vehicle exports, Ford Trucks Lead Serhan Turfan commented on the international expansion of Ford Trucks and cooperation with BNP Paribas Leasing Solutions:
“As Ford Trucks, we are happy to reach a ground-breaking position in the heavy commercial industry in a short time. Winner of the 2019 International Truck of the Year (ITOY) award, the F-MAX continues to be one of the most important symbols of our production power, engineering capabilities, design, technology, and vehicle development skills. After receiving the ITOY award, we accelerated our growth plans as a result of the high demand for the F-MAX in Europe. Through our engineering expertise and superior R&D, we now produce trucks and operate in over 40 countries worldwide. Our global expansion continues as planned with new facilities, more markets, and new collaborations. In this regard, our cooperation with BNP Paribas Leasing Solutions stood out with its wide range of financial products and digital solutions. In line with our goal of being a “companion” who cares about their customers and improves their business, we will continue to create amenities for our customers to push their business even further.”
“We are proud to be partnering with Ford Trucks and support their development plans in France, Germany and the Benelux. Our international presence associated to our local expertise allows us to provide our partner with a solid financing programme to accelerate their business.” said Isabelle LOC, CEO of BNP Paribas Leasing Solutions.”
ABOUT FORD TRUCKS
Ford Trucks is one of the largest international heavy truck manufacturers in the world. We produce a range of vehicles including tractors, construction trucks and distribution trucks weighing over 16 tons. Ford commercial vehicles’ proven track record of quality, durability and efficiency underpins Ford Trucks’ international product strategy. At Ford Trucks, we combine more than half a century of design and production experience with expertise in market-specific product development, to engineer the main components of our vehicles, including the all-new engines. We currently operate across Europe, the Middle East, Africa, Russia and the CIS, and continue to grow our international network in 3 continents. Hundreds of thousands of trucks all around the world set out each and every day with the confidence that Ford provides.
For more information about Ford Trucks and its products worldwide, please visit www.fordtrucksglobal.com.
BNP Paribas Leasing Solutions claims European Lessor of the Year and Best Energy Transition Financing Program of the Year awards at the Leasing Life Conference & Awards 2022. In a ceremony hosted on 15 November 2022 at the George V hotel in Paris, Leasing Life, Europe’s leading asset finance journal, recognized the efforts and successes of the industry’s main players.
Against tough competition, BNP Paribas Leasing Solutions was singled out for its comprehensive product offer, advances in digitalization and innovation in sustainable finance. The judges were particularly impressed with the integrated One Bank model that allows BNP Paribas Leasing Solutions to draw on the vast expertise and capabilities of the BNP Paribas Group to deliver an unrivalled, fully integrated offer across its partner and client base.
Commenting on the two awards, Pascal Layan, Deputy CEO at BNP Paribas Leasing Solutions said: “To be recognised as the European Lessor of the Year for a record 7th time is just a remarkable achievement. It’s a very clear vote of confidence in the strength of our business model, our teams and the expertise we bring to the asset finance market. To also win the Best Energy Transition Financing Program award, in the first year for this award category, shows that our efforts in supporting the Group’s ambition to be a leading player in sustainable financing is paying dividends. I want to thank and congratulate our entire team on winning these awards.”
The awards ceremony was preceded by a conference during the day where William De Vijlder, Chief Economist at BNP Paribas and Pascal Layan presented their thoughts and insights in to the current economic environment, and the role of leasing during this period of uncertainty.
Additionally, 3stepIT, the leading provider of technology lifecycle management solutions and partner in the BNP Paribas 3 Step IT Joint Venture also secured the award for Best Circular Economy Model, edging out CSI Leasing and Société Générale Equipment Finance to take the honours.
BNP Paribas Leasing Solutions has announced a partnership with Eaton, the intelligent power management company, to offer tailored finance solutions to help business owners accelerate their energy transition while preserving cashflow.
In an era of elevated energy prices, business owners are looking at ways to reduce energy costs and ensure business continuity. Energy storage, uninterruptible power supplies (UPS) and EV charging infrastructure can help them to achieve these goals.
The solution developed by Eaton and BNP Paribas Leasing Solutions offers cashflow-friendly payment plans for infrastructure and equipment, and also integrates access to Eaton’s global service network.
Pascale Favre, Head of the Technology Lifecycle Solutions business line at BNP Paribas Leasing Solutions said: “Eaton’s approach is in line with our aim to support the transition to a net zero economy which is at the very heart of our GTS 2025 Plan. This is why we are looking forward to accompanying Eaton and its customers to invest in sustainable infrastructure and equipment.”
BNP Paribas Leasing Solutions and Eaton
Andreea Laplace, Strategic Financing and Venture Business Development Director at Eaton, said: “By taking an integrated approach to the energy transition, businesses will reap additional cost-savings and reduce their carbon footprint. Our Buildings as a Grid approach can include any combination of EV charging infrastructure, energy storage and renewable generation, but implementing all three yields most benefits. The solution we have developed with BNP Paribas Leasing Solutions gives customers access to energy transition technologies affordably, helping them to conserve cash while at the same time make a positive environmental impact.”
The finance programme is available now in France, Spain, Norway and Switzerland, with further European expansion planned in 2023.
ABOUT EATON
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.
Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries.
For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
On 30 April, BNP Paribas Leasing Solutions and Same Deutz-Fahr (SDF) marked a milestone anniversary as they celebrated a 25-year successful partnership. The partnership has been instrumental in driving the continued evolution of the agricultural sector through the formation of SDF Finance in 1998.
Since its inception, SDF Finance has been committed to providing innovative solutions and consistent funding that cater to the evolving needs of the agricultural industry. Today, the scope and geographical reach of the SDF Finance program has expanded, operating in 22 markets. The program offers sales support and finance solutions tailored to the manufacturer, its extensive dealer network, and the end customer.
The partnership between funder, manufacturer, and dealer has been effective in ensuring that the end customer has access to the most appropriate equipment and financing. This collaboration has helped SDF Finance to keep pace with evolving customer demands and changing market needs.
In a statement, Pascal Layan, Deputy CEO, BNP Paribas Leasing Solutions said, “We are incredibly proud of this milestone anniversary with one of the key players in agriculture equipment manufacturing. SDF Finance’s continued success reflects the breadth and depth of our expertise and geographical reach. We enable SDF and its dealers to offer customers access to innovative and high-quality equipment which helps to drive their businesses forward sustainably and realize their growth potential.”
Alessandro Maritano, Chief Commercial Officer, SDF stated “Sharing a common business ethos is one of the keys to the success of this partnership between SDF and BNP Paribas Leasing Solutions. Furthermore, facilitating access to new technologies and sustainable innovation is strong leverage to deliver tailor-made financial solutions to SDF dealers and customers. Having BNP Paribas Leasing Solutions as a solid worldwide financial partner has been, and will continue to be, a strong asset to shape the future growth of SDF in the agriculture industry.”
ABOUT SDF
SDF is an Italian multinational company based in Treviglio (Bergamo, Italy), among the world leaders in the production of tractors, agricultural harvesting machines and diesel engines. SDF distributes its products under the brands SAME, DEUTZ-FAHR, Lamborghini Tractors, Hürlimann, Grégoire and Vitibot. The tractor line-up covers a power range from 25 to 336 hp, while the harvesting machine range goes up to 395 hp. In nearly a century of history, SDF has contributed significantly to the mechanization of the agricultural sector, leading a successful international expansion path and being a driver of the digital transformation of agriculture. Today SDF produces “smart tractors” designed for increasing operational efficiency and productivity with a focus on Agriculture 4.0. SDF can rely on 9 production sites, 12 sales subsidiaries, 2 joint ventures, 155 importers and over 3,100 dealers and it employs more than 4,400 people worldwide. In 2022, the Company recorded revenues of 1,803 million euros and an EBITDA of 11.1%.
For more information, visit sdfgroup.com
BNP Paribas Leasing Solutions receives Vendor Finance Provider and Best Energy Transition Financing Programme(s) awards at the Leasing Life Conference & Awards 2023. The ceremony, hosted on 9th November 2023 in Budapest, Hungary, marked the 20th anniversary of the prestigious awards which recognise the achievements of the key players in the European asset finance industry.
Scooping not one, but two fiercely contested awards, the accolade of Vendor Finance Provider is in recognition of BNP Paribas Leasing Solutions’ enduring commitment to its extensive network of equipment manufacturers and suppliers across Europe and beyond – supporting investment in essential business assets to boost growth and drive innovation.
The Award for Best Energy Transition Financing Programme(s) reflects BNP Paribas’ dedication to supporting partners and clients on their journey to net-zero.
Commenting on the two awards, Pascal Layan, Deputy CEO at BNP Paribas Leasing Solutions said: “To be recognised as Vendor Finance Provider highlights our unwavering commitment to partnerships, a core company value that drives us forward. To win the Award for Best Energy Transition Financing Programme(s) for the second year in a row emphasises our dedication to supporting our partners and their clients in their sustainable transition.”
“I want to thank our teams whose hard work fuels our success, and to our partners and clients who consistently place their trust in us. Together we are contributing to a sustainable and prosperous future.”
The awards ceremony was preceded by a conference at which Pascal Layan hosted an insightful and panel discussion with key members of the BNP Paribas’ team on a wide range of topics including business growth, new business models, digitalisation and sustainability.
Our joint venture partner, 3stepIT, also enjoyed well-deserved success on the night, securing the Best ‘ESG/Sustainability’ Initiative of the Year.
When the European Commission launched the landmark EU Green Deal in December 2019 it set out a bold plan for the continent to transition to a sustainable economic future. Described as “Europe’s man on the moon moment”, in broad brush strokes it outlined its ambition to be the world’s first carbon neutral continent by 2050.
Four years on and the road map outlined in the Green Deal has delivered significant change, and today, Europe undoubtedly leads the world in the transition to a low carbon, circular economy.
But as climate change accelerates and we inch ever closer to the 2050 deadline, one thing is clear – unlike the moon landing, Europe’s final destination is still unknown and if the Green Deal is to be an equally historic success, the devil will be in the detail.
WHAT IS THE EU TAXONOMY? HOW DOES IT LINK TO THE TRANSITION TO A CIRCULAR ECONOMY?
The EU Taxonomy, Europe’s sustainable finance framework, is the place to dig into that detail. It underpins the Green Deal by setting a standard for economic activities that can be classified as environmentally and socially sustainable. It includes the transition to the circular economy as one of its key objectives and could help to unlock the trillions in finance needed to make circularity mainstream.
A recent taxonomy policy development has circular economy enthusiasts talking, with new guidelines that set out criteria to determine whether certain economic activity makes a “substantial contribution to the transition to a circular economy” – a transition that could be worth €1.8 trillion to the EU economy by 2030.
FROM A SIDE NOTE TO A KEY THEME
What caught my attention is that product-as-a-service (PaaS) has re-emerged as a key theme for the EU and an important lever for achieving the circular transition.
In 2020, PaaS was given just a passing mention as part of the 35 actions set out in the Circular Economy Action Plan (a major building block of the EU Green Deal), but through this taxonomy update the EU has signalled that it will prioritise PaaS as a mechanism to achieve the circular economy and, crucially, give organisations the criteria they need to implement it successfully.
The new technical guidance defines product-as-a-service models as “providing customers with access to products through service models, which are either use-oriented services, where ownership remains with the provider and the product is leased, shared, rented or pooled; or result-oriented, where the payment is pre-defined and the agreed result is delivered (i.e. pay per service unit)” (pg. 67).
It goes on to list a range of manufactured product groups that fit the bill, including textiles, electronics, furniture, and more (pg.67). This alone is a welcome step towards acknowledging the breadth of possibility that PaaS models can deliver.
However, the list is far from exhaustive, with medical tech, agricultural machinery, construction equipment, and automotives all notable omissions. Most, if not all, manufacturing sectors are being transformed by digitalisation at a rapid and increasing rate, meaning products become obsolete overnight and extracting the maximum value from resources, via circular models like PaaS, is paramount. The guidance will surely be broadened in future updates to capture the endless opportunities that as-a-service models can offer a multitude of industries.
The guidelines also set out criteria PaaS models must meet to be considered to be making a substantial contribution to the circular economy. First and foremost, the activity must “provide the customer with access to, and use of product(s), while ensuring that the ownership remains with the company providing this service, such as a manufacturer, specialist or retailer” (pg. 67).
THE LEASING INDUSTRY’S ROLE IN CIRCULAR TRANSITION
This is a call to arms for the leasing industry, which has an important role to play in helping organisations to implement systems that aid the circular transition. There is an opportunity here for lessors to build on our expertise in offering customers residual value pricing on assets (which inherently fosters the preservation of assets and their value) to offer a broad range of services covering the full lifecycle of an asset from asset management tools to data analysis to in-life maintenance support and sustainable end-of-life disposal.
Interestingly, the guidance also states that both a longer useful economic life through, for example, repair/refurbishment, and greater usage intensity (i.e. ride share services) are positive outcomes to be derived from PaaS models that will promote the transition to the circular economy (pg. 68). Clearly, the results for each of these approaches is very different because the more intensely a product is used, usually the shorter its life will be.
This is a powerful motivation for organisations to move away from traditional ownership models and work with lessors, who advocate for an optimum life of an asset rather than sweating an asset beyond its useful life, resulting in low value components with little opportunity for reuse. When managed properly, assets can deliver maximum value for organisations in their first lifecycle, be sustainably and securely refurbished and go on to fuel the second-hand market with high-quality products. These are the hallmarks of a truly circular economy.
Only three years after PaaS was just a side note in the EU Green Deal, it is now explicitly included in EU taxonomy, which is a hugely positive step forward. There’s still lots to do to create a framework that supports a truly circular economy and give investors and businesses the tools they need to implement circular solutions.
Setting these parameters will help the EU scale up sustainable investment, prevent greenwashing, and support organisations to transition to a more sustainable, future-proof way of doing business. Get this detail right and the sky really is the limit.
It’s fair to say that for most businesses, 2023 has been a year of evaluation and re-evaluation. The global operating environment continues to change at pace, with energy prices, supply chain disruption, and inflation keeping organisations on their toes.
On the whole, this has made the business community stronger, more adaptable, and more efficient. We’re all better at determining what delivers value and leaving behind anything that doesn’t.
Both consumers and businesses will approach 2024 with caution, but I hope the new year can bring some cautious optimism. Sometimes it’s the greatest challenges that produce the most important change. That’s certainly the case with the progress being made towards the low carbon, circular transition, which thankfully is also intensifying, both because of and despite economic stressors.
That alone should give us cause for hope. So, how do we keep up the momentum and what opportunities might lie ahead over the next 12 months?
GEOPOLITICAL UNCERTAINTIES FUEL A SHIFT TO CLEAN ENERGY
Conflict in Russia and the Middle East has caused devastation for millions of people who live the daily realities of war. It’s heart breaking to see the ongoing impact on human lives.
These conflicts have also had a significant influence on global fuel prices and placed more emphasis and urgency on the transition to alternative energy sources. Energy resilience and autonomy is now a top priority for governments, including the EU, which has ramped up efforts to secure supply.
Today, the energy transition is not only an ecological imperative but also an economic one, which despite the circumstances, can only be good for progress. The demand for clean energy infrastructure is increasing, with financed volumes for energy-generating equipment reaching €1 billion last year, according to recent data from Leaseurope.
The leasing sector will have an important and growing role in enabling the adoption of clean energy tech and infrastructure by ensuring it is an accessible and sustainable alternative to the status quo. This will require flexibility and innovation from lessors who will need to find solutions to finance new asset classes and offer customers value-add services as part of these deals, aiding the shift away from traditional cash ownership towards a service-based, circular approach to asset management.
AS PRODUCER RESPONSIBILITY SOLIDIFIES, THE SECONDARY MARKET WILL FLOURISH
Producer responsibility is another ever-present theme in EU regulation, with manufacturers being asked to “take care” of their products long after they leave the factory. This regulatory burden may put new pressure on manufacturers to be responsible for the end-of-life of their products, but it also has a whole host of benefits. Not least of these is that it has promoted a shift towards product-as-a-service (PaaS) models, which inherently draw on the principles of the circular economy, a key component of the sustainable transition.
When a manufacturer retains ownership of its product throughout the entire lifecycle, it can gain a much deeper understanding of its component parts, likely wear and tear, and the residual value of used goods. Shifting to a service-based approach also allows producers to develop new revenue streams, by offering customers valuable services at different stages of the lifecycle – from digital asset management to data insights to sustainable and secure asset disposal.
As a result, we’re seeing a growing interest from vendors seeking to secure assets at the end of their first useful life and aiming to build a strong stock base of used products. This allows manufacturers to respond to the increased client demand for used or refurbished assets to form a mandatory percentage of bids as part of ESG-aligned procurement processes, regulatory compliance, and budget considerations.
Leasing companies can play a significant role in the development of PaaS models by creatively collaborating with vendor partners to ensure asset responsibility is retained throughout the lifecycle, related services that promote reuse are integrated into the product offer, and customers are supported to adopt the principles of the circular economy across their operations.
A DIGITAL TRANSITION IS ALSO UNDERWAY AS ORGANISATIONS MANAGE COSTS
Technology has been another key theme in 2023, and despite the ongoing global uncertainty, this year has seen a resilient demand for business equipment, particularly for investments that are core to business operations.
Rightly, businesses are making strategic decisions based on how critical investments are to growth, with technology a clear driver of both efficiency and competitiveness.
In 2024, progress with artificial intelligence (AI) will undoubtedly continue. For the leasing sector, it has exciting potential to improve customer experience by speeding up transactions like credit approvals and making services like fraud detection more reliable and consistent.
Leasing can also support customers to accelerate digitalisation, reducing upfront costs and allowing them to take advantage of the application of the technology. These days transitions come in many guises, but the digital transition will be crucial in supporting organisation to grow sustainably.
Time and time again, we see the leasing industry playing a key role as an enabler, supporting businesses to future-proof their operations and contribute to a better tomorrow.
We have a huge opportunity ahead of us to do more and I think that calls for a healthy dose of cautious optimism.
Isabelle Loc, Chief Executive Officer, BNP Paribas Leasing Solutions