GROUPE PSA and BNP Paribas have announced the closing of their joint acquisition of the financial operations of Opel and Vauxhall.
The deal, which was announced on March 6, will consist of the combination of existing brands Opel Bank, Opel Financial Services and Vauxhall Finance, creating a new organisation.
Vauxhall says that expertise from financial captive Banque PSA Finance and automotive finance specialist BNP Paribas Personal Finance will mean that Vauxhall and Opel dealers and customers will be served more effectively.
The financial operations of Vauxhall and Opel are essential to around 1,800 dealers in 11 European countries, providing a variety of car financing products, consumer loans, leasing, service contracts, dealer finance and insurance. Combined, these made up around £8.4bn in total financing in 2016.
Alexandre Soreal, pictured left, will take up the position of CEO at the new organisation, while Pascal Brasseur, pictured middle, and Erhard Paulat, pictured right, have both been appointed as deputy CEOs.
Sorel said: ‘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. Everyone’s involvement across the company is critical at this stage.’
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