Groupe PSA and BNP Paribas today announced the closing of their joint acquisition of the financial operations of Opel and Vauxhall, announced on March 6th.
The new organisation combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance is created. It will benefit from the combined expertise of financial captive Banque PSA Finance and automotive finance specialist, BNP Paribas Personal Finance to more effectively serve Opel and Vauxhall dealers and customers.
Opel and Vauxhall’s financing operations are an essential element of the commercial performance of 1,800 dealers in 11 European countries. They provide a comprehensive range of auto financing products, including consumer loans, leasing and service contracts as well as dealer financing and insurance. Together, they represented around €9.6 billion in total financing at end-2016.
Alexandre Sorel, Chief Executive Officer, Pascal Brasseur and Erhard Paulat, both Deputy CEO, will take over the management of the new organisation.
This new management will present in 100 days its strategic plan with the support of Banque PSA Finance and BNP Paribas Personal Finance. The objective of the plan is to accelerate the development of the entity, and to offer the most competitive offers to customers of Opel and Vauxhall.
Commenting on the transaction, Chief Executive Officer Alexandre Sorel said: “We are now thoroughly committed, alongside all of the teams, to building the strategic plan with the clear purpose of improving the performance of the company’s businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers. Everyone’s involvement across the company is critical at this stage.”
“The development of this automotive finance company is essential to the growth of the Opel and Vauxhall car brands. We are proud to be joining forces to create the conditions for growth and to work with the teams to write another chapter in the company’s history. Our complementary areas of expertise are a key asset for making this partnership a success,” concluded Alain Van Groenendael, Chairman of BNP Paribas Personal Finance and Rémy Bayle, Chief Executive Officer of Banque PSA Finance