Carlos Tavares and John Elkann
Carlos Tavares sells to Credit Agricole own 50% in the former FCA Bank (joint venture signed in 2013 and extended until 2024 with the French banking giant), bringing home an agreement on leasing and puts his hand to complex network of credit companies to the consumption of Stellantis.
The maneuvers had already begun this summer after, following the merger between PSA and FCA, the head of the world’s fourth largest automotive group found himself at home not only FCA Bank, but also Banque Psa And Opel Financial Services. A duplication of the realities active in the business of sales financing, with the need to rationalize structures, however, heralds of profits in the order of half a billion.
On a note, Stellantis just made it known that it has initiated exclusive talks with Bnp Paribas, Credit Agricole and Santander with the aim of reorganizing and strengthening its financing activities in Europe through new ones partnership. “This is a strategic move to improve ours performance financial in all European countries “, explained Tavares.
Self John Elkann And Sergio Marchionne they had close ties with the Banque Verte for FCA Bank, for its part, PSA had established relationships in the past years with two other financial institutions, all in strong competition given that they are the main European banking groups: the Spanish giant Santander and the first transalpine bank Bnp Paribas. Psa Group, through Banque Psa Finance had created in 2014 a joint venture in different European countries with Santander Consumer Finance.
Now Tavares intends to create a company of leasing operating to hoc joint with Credit Agricole Consumer Finance and to structure consumer credit in each country, again through agreements with joint venture with previous partners Bnp (Bnl Paribas Personal Finance) And Santander (Santander Consumer Finance). The French will be involved in the business in Germany, Austria and the United Kingdom. While the Spanish institute chaired by Ana Botin will remain to operate in France, Italy, Spain, Belgium, Poland and the Netherlands.
In Portugal, Stellantis will work with Santander instead via a commercial agreement. The operations will allow Tavares to rationalize not only its financing activities, but also to leasing, reducing the number of entities it now manages in each European country five to two. THE closing could be signed in the first quarter of next year, while the transaction is expected to be completed in the first half of 2023.
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