Groupe PSA and BNP Paribas join forces to acquire Opel Vauxhall’s financial activities.
Today, PSA Groupe and BNP Paribas announced the closing of the joint acquisition of the captive financing companies of Opel and Vauxhall, following the acquisition of the German car maker by the french group earlier this year.
In order to offer financial solutions to Opel and Vauxhall customers and 1.800 dealers in 11 European countries, a new organization - combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance - has been created. It will combine the expertise of Banque PSA Finance and BNP Paribas Personal Finance.
The Opel / Vauxhall finance activities represented an outstanding amount of approximately 9.6 billion euros at the end of 2016, offering a full range of auto financing: auto loans, leasing and service contracts, financing products and dealer insurance.
The management of the new organisation will be lead by CEO Alexandre Sorel and Deputy CEO’s Pascal Brasseur and Erhard Paulat. Sorel comes from Banque PSA Finance, where he was CFO, while Brasseur comes from BNP Paribas Personal Finance (Head of Retail Business Line) and Paulat has a past at Opel Bank as Executive Vice President of GM Financial International Operations for the UK, Germany, Austria, Switzerland and Sweden. This way, all major stakeholders are represented in the new structure.
Photo: Erhard Paulat and Pascal Brasseur, Deputy CEO and Alexandre Sorel, CEO of the new organisation
Within 100 days the management committee will present its strategic plan that aims to accelerate the development of the entity, and to offer competitive offers to customers of Opel and Vauxhall.
Alexandre Sorel, CEO of the new organization says: "We are now engaged, with all the teams, in the construction of the strategic plan, with the clear objective of improving the performance of the company's activities and the competitiveness of our offers for Opel and Vauxhall customers. The mobilization of the entire company is key in this step. "
Alain Van Groenendael, Chairman of BNP Paribas Personal Finance and Rémy Bayle, Chief Executive Officer of Banque PSA Finance conclude that "The development of this automotive finance organization is critical to the growth of the Opel and Vauxhall automotive brands. We are proud to join forces to create the conditions for the growth of this organization and to write a new page in our history. Our complementary expertise is a major asset in making this partnership a success".