Banque PSA Finance and Santander Consumer Finance Extend Partnership to Germany and Austria
11 Juli 2016 - 2:27PM
Business Wire
- Joint ventures in Germany and
Austria began operating on 1 July 2016.
- The partnership is now operational
in 10 European countries, representing 98.9% of its planned
scope1.
Regulatory News:
Groupe PSA (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), joint
venture activities started up in Germany and Austria on 1 July
2016.
The agreement covers partnerships in 11 European countries, 10
of which are now operational2.
The joint ventures will provide wholesale financing to Peugeot,
Citroën and DS dealers in Germany and Austria, as well as retail
financing to the dealers' customers.
The partnership is helping to strengthen the competitiveness of
Banque PSA Finance in these countries.
About PSA BanqueClosely aligned with the sales policies
of the Peugeot, Citroën and DS brands, Banque PSA Finance provides
financing of vehicle sales by the three brands' dealers in the
21 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 Brasil, reinforce the
competitiveness of the PSA Group brands in Europe and Brazil.For
more information, please visit http://www.banquepsafinance.com
1- The planned scope represents 85% of the total financing of
Banque PSA Finance at 31 December 2014.
2- In all, the framework agreement provides for the creation of
ten joint ventures and one commercial partnership in Europe. The
first two joint ventures were launched in France and the United
Kingdom in February 2015 and were followed by another two in
Spain and Switzerland in October of the same year. In January 2016,
a joint venture was launched in Italy, followed by joint ventures
in the Netherlands and Belgium in February and May 2016,
respectively. A white label agreement was launched in Portugal in
August 2015.
Communications Division - www.groupe-psa.com/en
- +33 1 40 66 42 00 - @GroupePSA
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version on businesswire.com: http://www.businesswire.com/news/home/20160711005707/en/
Groupe PSAMedia RelationsPierre-Olivier Salmon,
+33 (0)1 40 66 47 59pierre-olivier.salmon@mpsa.comorPierre Nectoux,
+33 (0)1 46 39 54 43pierre.nectoux@mpsa.comorInvestor
RelationsFrédéric Brunet, +33 (0)1 40 66 42
59frederic.brunet@mpsa.com
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