The PSA Group and BNP Paribas has announced the closing of their joint acquisition of the financial operations of Opel and Vauxhall, announced on 6 March.
The new organisation combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance is created. It will benefit from the combined expertise of financial captive Banque PSA Finance and automotive finance specialist, BNP Paribas Personal Finance to more effectively serve Opel and Vauxhall dealers and customers.
Opel and Vauxhall’s financing operations are an essential element of the commercial performance of 1,800 dealers in 11 European countries. They provide a comprehensive range of auto financing products, including consumer loans, leasing and service contracts as well as dealer financing and insurance. Together, they represented around 9.6 billion Euros in total financing at end-2016.
Alexandre Sorel, Chief Executive Officer, Pascal Brasseur and Erhard Paulat, both Deputy CEO, will take over the management of the new organization.
This new management will present in 100 days its strategic plan with the support of Banque PSA Finance and BNP Paribas Personal Finance. The objective of the plan is to accelerate the development of the entity, and to offer the most competitive offers to customers of Opel and Vauxhall.
Commenting on the transaction, the new Chief Executive Officer said: “We are now thoroughly committed, alongside all of the teams, to building the strategic plan with the clear purpose of improving the performance of the company’s businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers. Everyone’s involvement across the company is critical at this stage.”
“The development of this automotive finance company is essential to the growth of the Opel and Vauxhall car brands. We are proud to be joining forces to create the conditions for growth and to work with the teams to write another chapter in the company’s history. Our complementary areas of expertise are a key asset for making this partnership a success.” Alain Van Groenendael, Chairman of BNP Paribas Personal Finance and Rémy Bayle & Chief Executive Officer of Banque PSA Finance, added.
Sorel is the CEO of the new organisation, board member of Opel Bank SA and member of Banque PSA Finance Executive Committee. Through several experiences within Groupe PSA from 1994 to 2017, Alexandre Sorel has a deep knowledge of the automotive industry as well as of the banking sector. He was previously CFO of Banque PSA Finance. Prior to that position, he held several positions in Groupe PSA, on the OEM side as in the auto finance business. He holds a MBA from Neoma Business School, Reims (France).
Sorel’s right had, Brasseur, the Deputy CEO, has been Head of the Retail Business Line at BNP Paribas Personal Finance since September 2012. Pascal served as Commercial Director beginning in 2009 for Northern Europe (UK, Germany, Belgium, Netherlands, Switzerland, and Norway). Prior he was General Manager of BNP Paribas subsidiaries in France specialized in Mortgages and Debt Consolidation. Prior to that, he held leadership roles in the financing area. He joined BNP Paribas Group in 1992, and began his career in Spain.
Edited: PSA Group