Green light for Opel’s financial branch takeover by PSA
French carmaker group PSA and bank BNP Paribas have announced on Wednesday having received green light from the EU Commission to acquire General Motors Europe’s financial subsidiary, specialized in providing loans for cars.
“The Commission has given its approval to the project of acquisition of Opel/Vauxhall’s captive finance companies”, announced the two in a common press release. This operation was presented last march at the same time as the takeover project of Opel by PSA.
900 million euro
France’s first bank, PSA Finance and its consumer credit subsidiary BNP Paribas Personal Finance will spend 900 million euro to acquire GM Financial Europe and therefore create one of the biggest credit entities in Europe’s automotive industry.
It will offer loans to buy Opel and Vauxhall vehicles, but also associated services such as insurance and maintenance for individuals or companies. It will benefit from a strong network of 1.200 workers in 11 countries.
PSA Group and BNP Paribas predicted the subsidiary to be operational by the fourth trimester but they remind us today: “the operation is subjected to the approval of the European Banking authorities whose decision in expected by the second semester”.