Following the announcement of partnership activities in France, the United Kingdom and Portugal in early 2015, two additional local partnerships have now obtained the relevant regulatory approvals to operate in Spain and Switzerland from 2 October 2015. These joint ventures will provide wholesale financing to Peugeot, Citroën and DS dealers in the two countries, as well as retail financing to final customers.
Extract from press release, October the 5th : JB de Chatillon, PSA Chief Financial Officer and BPF Chairman, said: « The first joint ventures, launched in France and the United Kingdom in February, have already helped to boost the Group's competitiveness and improve its first-half results. Now with the launch of these two new companies, Banque PSA Finance will be able to benefit from more favourable refinancing conditions in Spain and Switzerland, and offer more competitive rates to Peugeot, Citroën and DS customers, while significantly increasing profit margins. »