EC approves BNP Paribas acquisition of Opel/Vauxhall financing arms
10 August 2017 | 3426 views | 0
Source: BNP Paribas
Today, the European Commission approved the proposed acquisition by Groupe PSA and BNP Paribas of the captive companies of Opel/Vauxhall.
This proposed deal to jointly acquire the captive financing companies of Opel/Vauxhall and to build a strategic long-term partnership around the Opel and Vauxhall brands was announced on 6 March 2017, as part of the acquisition of Opel/Vauxhall by Groupe PSA. .
These activities will benefit from the combined expertise of Banque PSA Finance and BNP Paribas Personal Finance in automotive financing, to better serve dealers and Opel and Vauxhall customers and support the development of the two brands.
This operation is also subject to the approval of the European banking authorities, whose decision is expected in the second half of the year.
"An important milestone was reached today for the teams already mobilized on this project for several months”, explains Laurent David, Chief Executive Officer of BNP Paribas Personal Finance. “Teams are now concentrating on fulfilling the remaining conditions necessary to close this deal, which is expected to be achieved before the end of the year", indicated, Rémy Bayle, Chief Executive Officer of Banque PSA Finance.