The proposed joint acquisition of the financial activities of Opel and Vauxhall by Groupe PSA and BNP Paribas is approved by the European antitrust authorities
09.08.2017 | Financial Information, Press release
Today, the European Commission approved the proposed acquisition by Groupe PSA and BNP Paribas of the captive companies of Opel/Vauxhall.
This proposed deal to jointly acquire the captive financing companies of Opel/Vauxhall and to build a strategic long-term partnership around the Opel and Vauxhall brands was announced on 6 March 2017, as part of the acquisition of Opel/Vauxhall by Groupe PSA. .
These activities will benefit from the combined expertise of Banque PSA Finance and BNP Paribas Personal Finance in automotive financing, to better serve dealers and Opel and Vauxhall customers and support the development of the two brands.
This operation is also subject to the approval of the European banking authorities, whose decision is expected in the second half of the year.
"An important milestone was reached today for the teams already mobilized on this project for several months”, explains Laurent David, Chief Executive Officer of BNP Paribas Personal Finance. “Teams are now concentrating on fulfilling the remaining conditions necessary to close this deal, which is expected to be achieved before the end of the year", indicated, Rémy Bayle, Chief Executive Officer of Banque PSA Finance.
About Groupe PSA
The Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all client expectations. The Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall, as well as a wide array of mobility and smart services under its Free2Move brand, aiming to become a great car maker and the preferred mobility provider. It is an early innovator in the field of autonomous and connected cars. It is also involved in financing activities through Banque PSA Finance and in automotive equipment via Faurecia. Find out more at groupe-psa.com/en.
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 192,000 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 European 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.
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.