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Santander and Banque PSA Finance enter into negotiations to finance Peugeot/Citroën cars in Europe
Santander and Banque PSA Finance enter into
negotiations to finance Peugeot/Citroën cars in
Both companies expect to set up local partnerships to finance new business.
The agreement would allow Santander Consumer to enter new markets, such as
France, and increase its presence in other core European countries.
Madrid, February 19, 2014 – Banco Santander and Banque PSA Finance, the auto finance
unit of Group PSA Peugeot Citroën, have entered into negotiations to provide car finance in
eleven European countries. Under the terms of the agreement being discussed, Santander’s
consumer finance unit would provide funding for new business originated in those markets by
Peugeot/Citroën upon completion of the deal, expected in the second half of 2015. As an
exception, in a few markets, Santander would buy part of the loan book currently owned by
Bank PSA Finance. The deal would be implemented through the creation of local partnerships
in which each party would hold 50%. The transaction is pending final terms of the agreement
and is subject to the relevant regulatory, labour and anti-trust authorisations.
The agreement would strengthen Santander Consumer Finance’s (SCF) leading position in
the European auto finance market, reinforcing its presence in countries where it already has
critical mass, such as Germany, Spain and the U.K., and allowing it to enter new markets,
such as France.
SCF currently operates in 13 European countries, offering a wide range of consumer finance
solutions through auto dealers and retail outlets, for which it has developed a unique,
specialised business model. Santander also has consumer finance businesses in the U.S.
and in several Latin American countries.
Ciudad Grupo Santander Edificio Arrecife Pl.2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
Web Corporativa: http://www.santander.com
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