BNP Paribas Fortis and Touring are going one step further in strengthening their mutual relationships, according to the latest company update.
The insurer and the bank have reached an agreement in principle with the non-profit association Royal Belgian Touring Club whereby, on the one hand, all operational and commercial activities of the Touring Group will be transferred to Touring NV and, on the other hand, AG will acquire 75% and BNP Paribas Fortis 25% of the shares in Touring NV. This agreement will enable Touring to further strengthen its assistance services while creating new opportunities in mobility for all parties. It is expected that this transaction, which is subject to the fulfilment of a number of preconditions, will be settled by mid-2023.
360° approach to mobility
The deal looks likely to prompt more investment in bespoke recovery and recharging of EV vehicles, plus the assistance required for onward journeys – especially for vulnerable drivers or passengers. Obviously some people cannot wait 6 hours for a car to be charged, as they need medical treatment, or medications taken at home for example. Here’s the word;
“After they concluded a partnership in 2019, the 3 partners go one step further with this agreement in principle. Through their shareholding, AG and BNP Paribas Fortis support and strengthen SA/NV Touring in its ambitious objectives of continuing to play a leading role in all evolutions in the field of mobility and assistance in Belgium.
With no less than 680,000 interventions per year, Touring plays a leading role in the provision of assistance in Belgium. The strong growth in the number of electric and connected vehicles on Belgian roads is a major challenge for Touring in this respect, which will have to prepare its assistance activities for a number of organisational and operational changes. Thanks to the now announced operation, Touring will have the necessary resources to realize it.
Touring will continue to focus on a quality service and the sale of assistance products to the more than 2 million Belgians who already use its assistance services today. In turn, AG and BNP Paribas Fortis will be able to count on the expertise of Touring’s international network across Europe and thus expand the offer to their customers. ”