Stellantis reorganizes its European financing operations via new JVs with banks

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A view shows the Stellantis logo at the entrance to the company’s factory in Hordain, France on July 7, 2021. REUTERS / Pascal Rossignol

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MILAN, Dec. 17 (Reuters) РStellantis announced on Friday that it had entered into exclusive discussions with BNP Paribas (BNPP.PA), Cr̩dit Agricole (CAGR.PA) and Santander (SAN.MC) as part of the overhaul of its banking operations. funding in Europe through new partnerships.

The plan marks a further step in the strategy of Stellantis CEO Carlos Tavares to shape the world’s fourth largest automaker, formed just under a year ago by the merger of Fiat Chrysler and Peugeot PSA manufacturer.

“This is a strategic decision to leverage our financial performance in all European countries,” Tavares said in a statement.

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The world’s fourth-largest automaker has announced its intention to create a 50-50 long-term leasing company with Crédit Agricole Consumer Finance, while reorganizing its financing activities through exclusive joint ventures in each country with BNP Paribas Personal Finance or Santander Consumer Finance.

Stellantis announced that it will operate financing activities via JVs with BNP Paribas Personal Finance in Germany, Austria and the United Kingdom and with Santander Consumer Finance in France, Italy, Spain, Belgium, Poland and the United Kingdom. Netherlands.

In Portugal, he would work with Santander through a trade deal, he added.

This will allow Stellantis to streamline its financing and leasing operations, reducing the number of entities it now operates in each European country from five to two.

The relevant agreements could be signed in the first quarter of next year, while the transaction is expected to close in the first half of 2023, Stellantis added.

As part of the plan, Stellantis will leave FCA Bank, the former financial services arm of Fiat Chrysler, by selling its 50% stake to Crédit Agricole Consumer Finance, which will then own all of it.

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Reporting by Giulio Piovaccari; edited by Agnieszka Flak

Our Standards: Thomson Reuters Trust Principles.

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