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Stellantis to Consolidate Financial Services in China
- Company intends to consolidate its auto financial services in China into a Stellantis wholly owned owned Auto Finance Company (AFC)
- Stellantis and DPCA stake in DPCAFC, the 15–year-old auto finance joint ventry between Stellantis, DPCA and Dongfeng Group, will be sold to Dongfeng, subject to regulatory approval
- New structure will align with Dare Forward 2030 ‘asset light business model‘ in China and support the new DPCA business model
AMSTERDAM, April 13, 2022 – Following the restructuring of financial services in Europe and the United States, Stellantis today announced PSA Finance Nederland (PFN), a fully owned subsidiary financing of BPF (Banque PSA Finance), and DPCA have entered into an equity transfer agreement with Dongfeng Group, on the basis of which their respective shares in the JV Dongfeng Peugeot Citroen Auto Finance Company (DPCAFC) will be sold to Dongfeng Group, subject to regulatory approval. The new structure will align with “Dare Forward 2030” supporting the Company’s ‘asset light business model’ and the new brands set up.
“As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country, as we have done in other major markets,” said Stellantis CEO Carlos Tavares. “This move will greatly support our revival plan in the country while also driving a more seamless customer journey.”
The proposed transaction should be completed during the second half of 2022 once the required authorizations have been obtained from the relevant anti-trust authorities and banking / finance regulators.
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Stellantis
Stellantis NV (PARIS:STLA) is one of the world’s leading automakers and a mobility provider.Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including AbarthAlfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the …
Full story available on Benzinga.com
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