Stellantis has announced the signing of binding agreements with Bnp Paribas Personal Finance (Bnp Pf), Credit Agricole Consumer Finance (Cacf) and Santander Consumer Finance (SCF). The negotiations had started on December 17 last year and have now reached their conclusion.
The agreements – explains Stellantis' note – aim to “better organize the current financial services platform in Europe” “I am very happy to confirm the signing of these agreements with our historical European banking partners. Our strategy – underlines Carlos Tavares, CEO of Stellantis – is to make the most of our lines of financial services, both in Europe and in North America, with the aim of doubling our net banking income by 2030”.
The agreements “support the commitment of the financial services that are part of the Stellantis strategic plan Give Forward 2030 and aim at create a multi-brand operating leasing company in which Stellantis and Caf each hold a 50% stake, resulting from the merger of the Leasys and F2M Lease businesses, in order to become a European leader with a fleet target of around 1 million vehicles in 2026”.
Another goal is to "reorganize financing activities through joint ventures established with BTP PF or SCF in each country to manage the financing activities for all Stellantis brands”.
The transactions agreed by the four partners should be completed in the first half of 2023, once the necessary authorization has been obtained from the competent antitrust authorities and from the market regulatory authorities, concludes the note from the automotive group.
