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Santander and Banque PSA Finance enter into negotiations to finance Peugeot/Citroën cars in Europe

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Information about Santander and Banque PSA Finance enter into negotiations to finance...
Business & Mgmt

Published on February 19, 2014

Author: BancoSantander

Source: slideshare.net

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Santander and Banque PSA Finance enter into negotiations to finance Peugeot/Citroën cars in Europe
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Press release Santander and Banque PSA Finance enter into negotiations to finance Peugeot/Citroën cars in Europe   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. Comunicación Externa. Ciudad Grupo Santander Edificio Arrecife Pl.2 28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11 comunicacionbancosantander@gruposantander.com Web Corporativa: http://www.santander.com Síguenos en Twitter: http://twitter.com/bancosantander 1

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