Banque PSA Finance and Santander Consumer Finance extend partnership to Germany and Austria
- Joint ventures in Germany and Austria began operating on 1 July 2016.
- The partnership is now operational in 10 European countries, representing 98.9% of its planned scope1.
Following the 10 July 2014 announcement that a framework agreement had been signed between Banque PSA Finance and Santander Consumer Finance (SCF and its subsidiaries), joint venture activities started up in Germany and Austria on 1 July 2016.
The agreement covers partnerships in 11 European countries, 10 of which are now operational2.
The joint ventures will provide wholesale financing to Peugeot, Citroën and DS dealers in Germany and Austria, as well as retail financing to the dealers' customers.
The partnership is helping to strengthen the competitiveness of Banque PSA Finance in these countries.
1- The planned scope represents 85% of the total financing of Banque PSA Finance at 31 December 2014.
2- In all, the framework agreement provides for the creation of ten joint ventures and one commercial partnership in Europe. The first two joint ventures were launched in France and the United Kingdom in February 2015 and were followed by another two in Spain and Switzerland in October of the same year. In January 2016, a joint venture was launched in Italy, followed by joint ventures in the Netherlands and Belgium in February and May 2016, respectively. A white label agreement was launched in Portugal in August 2015.