- The Dutch joint venture began operating on 1 February 2016
- The partnership is now operational in seven European countries, representing 79% of its planned scope 1 .
Following the 10 July 2014 announcement that a framework agreement had been signed between Banque PSA Finance and Santander Consumer Finance (SCF and its subsidiaries), joint venture activities started up in the Netherlands joint venture started operations on February 1, 2016 2 .
The agreement covers partnerships in 11 European countries, seven of which are now operational.
The joint venture will provide wholesale financing to Peugeot, Citroën and DS dealers in the Netherlands, as well as retail financing to the dealers’ customers.
Thanks to this partnership, Banque PSA Finance has regained full competitiveness in the Netherlands.
1 79% of the total financing under the Banque PSA Finance framework agreement as at 31 December 2014.
2 In all, the framework agreement provides for the creation of ten local partnerships and one commercial partnership in Europe. The first two joint ventures were launched in France and the United Kingdom in February 2015 and were followed by another two in Spain and Switzerland on 2 October of the same year. A white label agreement was launched in Portugal in August 2015. 2016 started with the launch of the Italian Joint venture in January.