A major revamp of Arval’s structure has seen Philippe Bismut – the former boss of the UK leasing company – promoted to director & general manager of BNP Parisbas Lease Group.

BNP Parisbas, the French bank which owns Arval, has restructured its specialised finance businesses into a single business line called ‘Equipment Solutions’.

The four businesses are BNPLG, which specialises in asset and property finance; Arval, the car leasing division with a worldwide fleet in excess of 600,000 vehicles; Arius, an IT equipment finance company; and Artegy, a specialist commercial vehicle contract hire company.

According to the bank, the placement of the four businesses within a single business unit will allow the divisions to cross-sell expertise where appropriate, to integrate more closely, and provide co-ordinated approaches.

Bismut’s (pictured) swift promotion from deputy md of Arval global makes him the second most senior executive in the new group. Laurent Treca will head up the new Equipment Solutions business, while remaining chairman of each of the four separate businesses.

Robert Pieczka, marketing boss at Arval UK, said: “Within Equipment Solutions we will be able to offer further value to our customers through a wide and growing range of products and services.”