PARIS--(BUSINESS WIRE)--Regulatory News:
Following the 10 July 2014 announcement that a framework agreement had been signed between Banque PSA Finance (Paris:UG) and Santander Consumer Finance (SCF and its subsidiaries), joint venture activities started up in the Netherlands on 1 February 20162.
The agreement covers partnerships in 11 European countries, seven of which are now operational.
The joint venture will provide wholesale financing to Peugeot, Citroën and DS dealers in the Netherlands, as well as retail financing to the dealers' customers.
Thanks to this partnership, Banque PSA Finance has regained full competitiveness in the Netherlands.
About Banque PSA Finance
Closely aligned with the sales policies of the Peugeot, Citroën and DS brands, Banque PSA Finance (BPF) provides financing of vehicle sales by the three brands' dealers in the 23 countries where it operates, on a standalone basis or through joint ventures. The cooperation agreement signed in July 2014 with Santander Consumer Finance and related to the creation of dedicated local partnerships or commercial agreements in 11 European countries, and the agreement signed on 24 July 2015 with Banco Santander Brazil, reinforce the competitiveness of the PSA Peugeot Citroën brands in Europe and Brazil.
For more information, please visit http://www.banquepsafinance.com
1 79% of the total financing under the Banque PSA Finance framework agreement as at 31 December 2014.
2 In all, the framework agreement provides for the creation of ten local partnerships and one commercial partnership in Europe. The first two joint ventures were launched in France and the United Kingdom in February 2015 and were followed by another two in Spain and Switzerland on 2 October of the same year. A white label agreement was launched in Portugal in August 2015. 2016 started with the launch of the Italian joint venture in January.
Communications Division – 75 avenue de la Grande-Armée – 75116 Paris,
+33 1 40 66 42 00 – psa-peugeot-citroen.com – @PSA_news