Stellantis teams up with French and Spanish banks in leasing
Stellantis is in "exclusive negotiations" with Bnp Paribas, Credit Agricole and Santander to reorganize its financial and leasing activities in Europe. All the details
Stellantis announced that it is in "exclusive negotiations" with the French banking groups BNP Paribas and Crédit Agricole and with the Spanish one Santander regarding the reorganization of its financial and leasing operations in Europe.
THE PLANS OF STELLANTIS
In the plans of the car manufacturer – the fourth largest in the world , recently born from the merger between Fiat Chrysler Automobiles and PSA – there is the creation of a leasing company with Crédit Agricole Consumer Finance, split at 50-50, and a joint venture venture with BNP Paribas Personal Finance and Santander Consumer Finance.
Through the agreements with the three credit institutions, Stellantis aims to reduce the number of its financial and leasing entities active in Europe from five to two.
THE DECLARATIONS OF THE MANAGERS
CEO Carlos Tavares spoke of a "strategic move". Chief affiliates officer Philippe de Rovira, however, said the plan will allow Stellantis to improve its position in the leased corporate vehicle market.
The group's goal is to more than double its fleet in this sector by the end of the decade: from the current 700,000 units to one million by 2026.
THE DIVISION OF EUROPE
The joint venture with BNP Paribas will operate in Germany, Austria and the UK. The one with Santander, on the other hand, in Italy, France, Spain, Belgium, Poland and the Netherlands. In Portugal Stellantis will always operate with Santander, but through a commercial agreement.
THE SALE OF FCA BANK TO CRÉDIT AGRICOLE
Stellantis also wants to sell its 50 percent stake in FCA Bank, the former financial arm of Fiat Chrysler, to Crédit Agricole Consumer Finance. Crédit Agricole already held the remaining half. De Rovira specified that the operation will not have an impact on workers.
TIMES
The agreements between Stellantis and the lenders are expected to be signed in the first quarter of 2022. The transactions will be completed in the first half of 2023.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/stellantis-trattative-bnp-paribas-credit-agricole-santander/ on Fri, 17 Dec 2021 14:14:16 +0000.