PSA & BNP Paribas finalise Opel finance acquisition
PSA & BNP Paribas finalise Opel finance acquisition French carmaker PSA Group and finance group BNP Paribas have closed the joint acquisition of the captive finance companies belonging to Opel and Vauxhall. A new organisation, uniting the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance, has been created. It will leverage the combined expertise of Banque PSA Finance and BNP Paribas Personal Finance to better serve Opel and Vauxhall dealerships and customers, the joint press release reads.
1,800 POS in 11 countries
Across the continent and the UK, the former GM-owned German-English carmaker sells its finance products – car credit, leasing, service contracts – through 1,800 points of sales in 11 countries. The dealers themselves rely on the captive for wholesale finance and insurance. At the end of 2016, sales equalled about €9.6 billion.
Lead by PSA’s Alexandre Sorel
The CEO of the new organisation, Banque PSA Finance’s Alexandre Sorel, focuses on accelerating the company’s development and on offering competitive offers to Opel and Vauxhall customers. “Together with all teams, we are now committed to building a strategic plan with the ambition to improve performance of the company’s activities and the competitiveness of our financial offers for Opel and Vauxhall customers”, he said. “The involvement of the entire company is key in this phase.”