PSA Peugeot Citroën: Banque PSA Finance and Santander Consumer Finance Launch Their Joint Ventures in Spain and Switzerland
05 Oktober 2015 - 9:18AM
Business Wire
- The Spanish and Swiss joint ventures
are now operational
- Banque PSA Finance has regained full
competitiveness in these countries
Regulatory News:
PSA Peugeot Citroën (Paris:UG):
Following the 10 July 2014 announcement that a framework
agreement had been signed between Banque PSA Finance and Santander
Consumer Finance (SCF and its subsidiaries), and the start-up of
partnership activities in France, the United Kingdom and Portugal
in early 2015, two additional local partnerships have now obtained
the relevant regulatory approvals to operate in Spain and
Switzerland from 2 October 20151.
These joint ventures will provide wholesale financing to
Peugeot, Citroën and DS dealers in the two countries, as well as
retail financing to the dealers' customers.
The partnership agreements between Banque PSA Finance and Grupo
Santander cover 11 European countries, as well as Brazil since 24
July 2015. The rest of the countries included in the agreement are
expected to create their joint ventures in 2016.
These partnerships will increase the competitiveness and profit
margins of Banque PSA Finance and should also strengthen the
balance sheet of Groupe PSA Peugeot Citroën by delievering around
€1.5 billion in cash upstream between 2015 and 2018.
Commenting on the announcements, Jean-Baptiste de Chatillon,
Chief Financial Officer of PSA Peugeot Citroën and Chairman of
Banque PSA Finance, said: "The first joint ventures, launched in
France and the United Kingdom in February, have already helped to
boost the Group's competitiveness and improve its first-half
results. Now with the launch of these two new companies, Banque PSA
Finance will be able to benefit from more favourable refinancing
conditions in Spain and Switzerland, and offer more competitive
rates to Peugeot, Citroën and DS customers, while significantly
increasing profit margins."
About PSA Peugeot CitroënWith its three world-renowned
brands, Peugeot, Citroën and DS, PSA Peugeot Citroën sold 3 million
vehicles worldwide in 2014. The second largest carmaker in Europe,
PSA Peugeot Citroën recorded sales and revenue of €54 billion in
2014. The Group confirms its position of European leader in terms
of CO2 emissions, with an average of 110.3 grams of CO2/km in
2014. PSA Peugeot Citroën has sales operations in 160
countries. It is also involved in financing activities (Banque PSA
Finance) and automotive equipment (Faurecia).For more information,
please visit www.psa-peugeot-citroen.com
About Banque PSA FinanceClosely aligned with the sales
policies of the Peugeot, Citroën and DS brands, Banque PSA Finance
(BPF) provides financing of vehicle sales by the three brands’
dealers in the 23 countries where it operates, on a standalone
basis or through joint ventures. The cooperation agreement signed
in July 2014 with Santander Consumer Finance and related to the
creation of dedicated local partnerships or commercial agreements
in 11 European countries, and the agreement signed on 24 July 2015
with Banco Santander Brazil, reinforce the competitiveness of the
PSA Peugeot Citroën brands in Europe and Brazil.For more
information, please visit http://www.banquepsafinance.com
1 In all, the framework agreement provides for the creation of
ten local partnerships and one commercial partnership in Europe.
The first two joint ventures were launched in France and the United
Kingdom in February 2015 and a white label agreement was launched
Portugal in August 2015. The two companies received approval to
jointly operate from the European competition authorities on 3
December 2014, and in the case of Spain, from the banking sector
regulator on 25 June 2015.
Corporate Communications 75, avenue de la
Grande-Armée, 75116 Paris+33 1 40 66 42 00 –
psa-peugeot-citroen.com – @PSA_news
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version on businesswire.com: http://www.businesswire.com/news/home/20151005005675/en/
PSA Peugeot CitroënMedia RelationsJean-Baptiste
Thomas, +33 1 40 66 47 59jean-baptiste.thomas@mpsa.comorInvestor
RelationsFrédéric Brunet, +33 1 40 66 42
59frederic.brunet@mpsa.com
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