BPF and SCF launch their common companies in France and in the United Kingdom.
Following the signing of the framework agreement on July 10th 2014 and the obtaining of relevant regulatory approvals, BPF and SCF decided to launch their common companies in France and in the United Kingdom aiming for BPF to :
- reinforce the competitiveness of its financing activities,
- find back the full access to the financial markets,
- no more use the French State guarantee.
In concrete terms, SCF acquires 50% of the capital of SOFIB, the assets of BPF UK are transferred to new company « PSA Finance UK. » and SCF U.K. will purchase 50% of the capital of PSA Finance UK.
Jean-Baptiste de Chatillon, Chief Financing Officer of PSA Peugeot Citroën and President of BPF, said : « These announcements represent an important milestone for the Bank and the Group. Our partnership with Santander is taking shape in France and the United Kingdom. Banque PSA Finance’s underlying strength has been confirmed, with its renewed ability to meet its refinancing needs on the capital markets at competitive rates of interest. This in turn will enable the Bank to offer very competitive interest rates to the customers of the Peugeot, Citroën and DS brands, while vastly improving its own margins. »
Ph. Alexandre, BPF Chief Executive Officer: « The complementarity and the operational synergies between BPF and SCF are quite real. This Partnership, with its first joint activities in France and in the UK, is clearly the confirmation. In these markets, we will immediately be able to boost our competitive position and to bring into play even more innovative solutions to support the vehicle sales of the Group. Finally, this launch is the result of the unequalled mobilization of the teams from both companies, whom I would once again like to congratulate for the work achieved. Their commitment will drive us all to make a success of the following steps, the next one in May being the launch of the PSA Insurance JV ».
With this starting, BPF reaffirms its role of Automobile Financial Company and thus reinforces its contribution to the dynamics of growth expected in the plan « Back in the Race ».
Link to press release