PSA Group & BNP Paribas Announce a Long-Term Strategic Partnership in Automotive Finance around the Joint Acquisition of Opel...
06 März 2017 - 8:32AM
Business Wire
Regulatory News:
As part of the broader alliance announced today between PSA
Group (Paris:UG) and GM’s Opel subsidiary, PSA and BNP Paribas have
agreed to jointly acquire Opel / Vauxhall’s captive financing
activities and have entered into a long-term strategic partnership
around the Opel and Vauxhall brands.
Banque PSA Finance and BNP Paribas Personal Finance will each
acquire 50% of the share capital of Opel / Vauxhall’s financing
activities for a total of €0.9 Bn, representing a multiple of 0.8x
the combined pro-forma Book Value of €1.2 Bn at year-end 2016. As
per this partnership agreement, BNP Paribas will fully consolidate
the entity.
Opel / Vauxhall’s financing operations cover 11 European
countries, serving nearly 1,800 dealers and have outstanding
earning assets of ca. €9.6 Bn at year-end 2016, of which ca. €5.8
Bn are financed by deposits or securitizations. Opel / Vauxhall’s
financing operations offer a full range of automotive financing
products, including consumer loans, leases, dealer financing and
insurance products, with a constant focus on optimizing customer
experience.
The operations will benefit from combined Banque PSA Finance’s
and BNP Paribas Personal Finance’s expertise in automotive
financing to better serve Opel and Vauxhall’s dealers and customers
and support Opel and Vauxhall development. The transaction will be
financed from existing resources of PSA and BNP Paribas and will
have an impact of close to 10 bps on BNP Paribas Common Equity Tier
1 Ratio.
Both Boards of Directors unanimously approved this partnership
agreement.
The transaction is expected to close in the fourth quarter of
2017 and is subject to customary anti-trust and other regulatory
approvals.
“Opel / Vauxhall’s financing operations are critical to the
development of the Opel and Vauxhall brands. We are proud to join
our forces with BNP Paribas, a leading European banking partner,
and are confident our complementary expertise will make this new
partnership a success.” Carlos Tavares, Chairman of the Managing
Board, said.
“This partnership represents a great opportunity to further grow
BNP Paribas Personal Finance’s footprint on the attractive
automotive financing business and is fully in line with our
strategic goals for 2020. We have been a longstanding banking
partner of PSA Group and are delighted with this value-enhancing
partnership around Opel / Vauxhall. We will capitalize on our
highly complementary capabilities to best serve Opel and Vauxhall’s
dealers and customers and support the Opel and Vauxhall brands.”
stated Jean-Laurent Bonnafé, Chief Executive Officer of BNP
Paribas.
“We are very pleased with this new venture and warmly welcome
the employees of Opel / Vauxhall’s financing activities within our
partnership,” declared Laurent David, CEO of BNP Paribas Personal
Finance together with Remy Bayle, CEO of Banque PSA Finance.
About PSA Group
With sales and revenue of €54 billion in 2016, PSA Group
designs unique automotive experiences and delivers mobility
solutions that provide freedom and enjoyment to customers around
the world. The Group has three car brands, Peugeot, Citroën and DS,
as well as a wide array of mobility and smart services under its
Free2Move brand, to meet the evolving needs and expectations of
automobile users. The automobile manufacturer PSA is the European
leader in terms of CO2 emissions, with average emissions of
102.4 grams per kilometer in 2016, and an early innovator in
the field of autonomous and connected cars, with 2.3 million
such vehicles worldwide. It is also involved in financing
activities through Banque PSA Finance and automotive equipment via
Faurecia. Find out more at groupe-psa.com/en
New media library: https://medialibrary.groupe-psa.com/
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international
reach. It has a presence in 74 countries, with more than 190,000
employees, including more than 146,000 in Europe. The Group has key
positions in its three main activities: Domestic Markets and
International Financial Services (whose retail-banking networks and
financial services are covered by Retail Banking & Services)
and Corporate & Institutional Banking, which serves two client
franchises: corporate clients and institutional investors. The
Group helps all its clients (individuals, community associations,
entrepreneurs, SMEs, corporates and institutional clients) to
realise their projects through solutions spanning financing,
investment, savings and protection insurance. In Europe, the Group
has four domestic markets (Belgium, France, Italy and Luxembourg)
and BNP Paribas Personal Finance is the leader in consumer lending.
BNP Paribas is rolling out its integrated retail-banking model in
Mediterranean countries, in Turkey, in Eastern Europe and a large
network in the western part of the United States. In its Corporate
& Institutional Banking and International Financial Services
activities, BNP Paribas also enjoys top positions in Europe, a
strong presence in the Americas as well as a solid and fast-growing
business in Asia-Pacific.
Follow us on @Bnpparibas_pr
About BNP Paribas Personal Finance
BNP Paribas Personal Finance is the leader in France and in
Europe for personal loans via its activities in consumer credit and
mortgage lending. A 100% subsidiary of the BNP Paribas Group, BNP
Paribas Personal Finance has nearly 20,000 employees and operates
in about 30 countries. Under brands including Cetelem, Findomestic,
Cofinoga and AlphaCredit, the company offers a full range of
personal credit products at points of sale and car dealerships and
directly to consumers through its customer relations centres and
Internet. BNP Paribas Personal Finance has added an insurance and
savings offer for its clients in Bulgaria, France, Germany, and
Italy. BNP Paribas Personal Finance has developed an active
partnership strategy with retailers, manufacturers and automotive
retailers, web merchants and financial institutions (banks and
insurance companies), based on its experience with marketing credit
offers and integrated services tailored to partners’ business and
commercial objectives. It is also a leading player in the field of
responsible lending and financial education.
For further information:www.bnpparibas-pf.com@bnpp_pf
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version on businesswire.com: http://www.businesswire.com/news/home/20170305005056/en/
Press contacts:PSA
Group(+33) 1 40 66 42 00psa-presse@mpsa.comorBNP
ParibasMalka Nusynowicz, (+33) 1 42 98 36
25malka.nusynowicz@bnparibas.comorBNP Paribas Personal
FinanceValérie Baroux-Jourdain, (+33) 1 46 39 15
88valerie.baroux-jourdain@bnpparibas-pf.com
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