Justice orders Symag, a subsidiary of BNP (Personal Finance) to produce the accounts of its future buyer

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Justice orders Symag, a subsidiary of BNP (Personal Finance) to produce the accounts of its future buyer


Wishing to quickly sell its specialized collection hardware and software subsidiary, SYMAG (a legacy of Laser-Cofinoga), BNP was challenged by a judge from the Grasse TGI on 10 March.

The ruling has the effect of postponing the planned sale and, above all, will make it possible to know the reality of financial health and the project of the transferee, a well-known company in the omnichannel collection, repeatedly condemned by various jurisdictions. The reasons for the judgment are explicit: provide the Social and Economic Committee of the company Symag with the industrial plan (…) the turnover, the operating results, the debt, the number of offices and employees of X (the transferee), the contractual sanctions envisaged in the event of violation of the ‘commitment not to make economic redundancies within 18 months (…) precise indications on the representative bodies within X. (…) orders the two-month extension of the deadline for consulting the CSE of Symag.

Give up Symag and quickly, why?

Symag, who was one of the European leaders in its sector, apparently and according to various sources or employees still in office, has suffered from poor management and inadequate strategic choices in terms of development: it would be at a loss and considered less priority by Personal Finance BNP, the entity to which it is connected. Which would explain, like us mentioned in a previous article, this disposal project. And why the BNP would be willing to write a check to the assignee to sell it. The “disturbances” would be such that at one of its largest customers, a breakdown would have caused the loss of the collection data corresponding to half a day of billing. Collection and all related things – loyalty programs, statistics or resulting customer knowledge – are at the heart of customer engagement programs and the battlefield has therefore become very competitive; sometimes it encourages excessive promises, such as, for example, what has happened to many of Tiller’s customers (see our article on this topic), now sold to SumUp. The company communicated intensely on the quality of its products and services, but many customers were very dissatisfied.

A job linked to a dowry and why not a rebirth?

Teased minds will find that sometimes it’s easier, with your banker, to get a check to take care of a patient than to get a mortgage. Once transferred to a third person, the patient then goes to the resuscitation area, does not “die” before your eyes or not … in your hospital. But sometimes, and that’s a good thing, looked after by diligent people, with the right molecules, it’s rebirth. The CSE in this story indicates that he is not upset by a transfer project but by the expeditious method, which he considers not very rigorous. Someone has bothered to look for or identify other assignees, what about another offer received, apparently serious and that Symag management has not even studied? Why exactly this assignee, who seems to worry?

A judge from the Maritime Alps abided by the law, temporarily prevented the BNP-PF planned defeasing operation and thus gave Symag employees the opportunity to control their own destiny a little. After all, La Redoute, which was taken over by a duo of entrepreneurs, is now in great shape and e-merchants know their way back to the devil, like Showroomprivé, which has also recently returned to profitability. The leaders of Symag and its parent company, BNP-PF, will have to leave the joinery. They did not want to comment on this judgment at this stage.

Of Manuel Jacquinet

NB: Photo provided by Pierre-Alexandre Métral – © DR.

To learn more about what the BNP does, also:BNP creates 2 custom voices to enhance the user experience with Voxygen

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