Stellantis Signs With European Banks Over Financing Operations
01 April 2022 - 7:03PM
Dow Jones News
By Ed Frankl
Stellantis NV said Friday that it signed agreements with a
number of European banks on reorganizing its financial service
platform.
The binding agreements with the consumer-finance units of Credit
Agricole SA, Banco Santander SA and BNP Paribas SA come after the
car maker said it entered exclusive talks with the banks over its
financing in December.
Stellantis said it would combine its companies Leasys and
Free2move Lease into a new leasing company with Credit Agricole in
which each would hold a 50% interest. The venture aims for a fleet
around 1 million vehicles by 2026, the car maker said.
Credit Agricole Consumer Finance said it would also buy
Stellantis out of the capital of FCA Bank and Leasys Rent it
currently owns, with the ambition of making it a pan-European
player in car financing, leasing and mobility, with a target of 10
billion euros ($11.07 billion) in outstanding portfolio by 2026,
the bank said.
Stellantis also said it would reorganize financial activities
through joint ventures set up with BNP Paribas Personal Finance and
Santander Consumer Finance to manage financing activities.
Santander said it would become the car maker's financing partner
for its brands in Belgium, France, Italy, the Netherlands, Poland,
Portugal and Spain, with the bank aiming to increase the
outstanding portfolio from Stellantis brands by 33% to EUR40
billion by 2026.
The transactions should be completed in the first half of 2023,
once authorization from relevant antitrust authorities and market
regulators has been obtained, Stellantis said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
April 01, 2022 03:48 ET (07:48 GMT)
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