Opel/Vauxhall sale completed

Groupe PSA and BNP Paribas have completed the joint acquisition of Opel and Vauxhall, a move which was first announced in March. The new management will announce its strategic plan in 100 days.

The new organisation, combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance, will benefit from the combined expertise of financial captive Banque PSA Finance and automotive finance specialist, BNP Paribas Personal Finance.

Alexandre Sorel, chief executive officer, Pascal Brasseur and Erhard Paulat, both deputy CEO, will take over the management of the new organisation.

Alexandre 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.’

Alain Van Groenendael, chairman of BNP Paribas Personal Finance and Rémy Bayle, chief executive officer of Banque PSA Finance, added, ‘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.’