Press release
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aprile 13, 2022 - Stellantis
Stellantis to consolidate financial services in China
Comunicato Stampa disponibile solo in lingua originale.
- Company intends to consolidate its auto #financialservices in #china into a #stellantis wholly owned Auto Finance Company (AFC)
- Stellantis and #dpca stake in DPCAFC, the 15-year-old auto finance joint venture between #stellantis, #dpca and #dongfenggroup, 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 #financialservices in Europe and the United States, Stellantis today announced #psafinancenederland (PFN), a fully owned financing subsidiary of BPF (Banque PSA Finance), and #dpca have entered into an equity transfer #agreement with #dongfenggroup, on the basis of which their respective shares in the #jvdongfengpeugeotcitroenautofinancecompany (DPCAFC) will be sold to #dongfenggroup, 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 #financialservices offering in the country, as we have done in other major markets,” said #stellantis CEO #carlostavares. “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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