PSA Group and BNP Paribas Announce a Long-Term Strategic Partnership in Automotive Finance around the Joint Acquisition of Opel / Vauxhall’s Financing Activities
As part of the broader alliance announced between PSA Group 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, As per this partnership agreement, BNP Paribas will fully consolidate the entity. 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.
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.