PSA Peugeot Citroën: Banque PSA Finance and Santander Consumer Finance Launch Joint Venture Operations in Italy under Their Partnership Agreement

The Italian joint venture is now operational Banque PSA Finance has regained full competitiveness in Italy Six joint ventures have begun operations in six European countries since early 2015, representing 77% of the scope of the partnership agreement1

Regulatory News:

PSA Peugeot Citroën (Paris:UG):

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), the Italian joint venture has obtained approval from local and European regulatory authorities to start operations in early January 2016².

The joint venture will provide wholesale financing to Peugeot, Citroën and DS dealers in Italy, as well as retail financing to the dealers' customers.

Commenting on the announcement, Jean-Baptiste de Chatillon, Chief Financial Officer of PSA Peugeot Citroën and Chairman of Banque PSA Finance, said: "The partnership is being deployed according to schedule and has already proved to be highly beneficial for the Group. With the start of operations in this new country, Banque PSA Finance will be able to benefit in Italy from more favourable refinancing conditions, improve the Group's margins, and offer more competitive rates to Peugeot, Citroën and DS customers"

About Banque PSA Finance

Closely aligned with the sales policies of the Peugeot, Citroën and DS brands, Banque PSA Finance (BPF) provides financing of vehicle sales by the three brands' dealers in the 23 countries where it operates, on a standalone basis or through joint ventures. The cooperation agreement signed in July 2014 with Santander Consumer Finance and related to the creation of dedicated local partnerships or commercial agreements in 11 European countries, and the agreement signed on 24 July 2015 with Banco Santander Brazil, reinforce the competitiveness of the PSA Peugeot Citroën brands in Europe and Brazil.
For more information, please visit http://www.banquepsafinance.com

¹ 77% of the total financing under the Banque PSA Finance framework agreement as at 31 December 2014.

² In all, the framework agreement provides for the creation of ten local partnerships 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 on 2 October of the same year. A white label agreement was launched in Portugal in August 2015. A specific framework agreement has been signed in Brazil on 24^th July 2015.

Communications Division – 75 avenue de la Grande-Armée – 75116 Paris, France
[phone] – psa-peugeot-citroen.com – @PSA_news

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