The PSA Group‘s acquisition of Opel and Vauxhall is finally complete with the transfer of the German/British automaker’s financial operations.
In parallel to the French carmaker’s taking over over GM’s European auto brands, the financial division is being shared by its own banking division Banque PSA Finance and French financial giant BNP Paribas – one of the largest banks in the world.
Following the acquisition, the Opel Bank, Open Financial Services, and Vauxhall Finance are being merged into one institution. PSA’s Alexandre Sorel will serve as CEO, supported by both Opel’s Erhard Paulat and BNP’s Pascal Brasseur as deputies.
“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,” said Sorel. “Everyone’s involvement across the company is critical at this stage.”
Last year, the three operations (now merged) represented some €9.6 billion in financing, forming an integral part of the business for 1,800 Opel and Vauxhall dealers in 11 European countries – including vehicle loan financing, leasing, service contracts, and insurance.