Stellantis N.V. has entered into exclusive negotiations with BNP Paribas Personal Finance (“BNPP PF”), Crédit Agricole Consumer Finance (“CACF”) and Santander Consumer Finance (“SCF”) aimed at better organizing Stellantis’ current European financing landscape to bring consistent and attractive financing activities to all Stellantis brand customers, dealers and distributors.
“Following the recent completion of the acquisition of First Investors Financial Services Group in the U.S., Stellantis reaffirms its willingness to further strengthen its global financing activity, achieving a step further in Europe with long-standing banking partners and creating a fully-fledged leaser,” said Carlos Tavares, Stellantis CEO. “This is a strategic move to leverage our financial performance across all European countries. This transformation, managed with leading partners, would allow Stellantis to offer a comprehensive range of products to all its customers, dealers, and brands.”
Stellantis intends to:
- create a multi-brand operational leasing company in which Stellantis and CACF each hold a 50% interest, resulting from the combination of the Leasys and F2ML businesses, in order to become a European leader, and
- reorganize the financing activities through joint ventures set up with BNPP PF or SCF in each country to manage financing activities for all Stellantis brands.
Consequently, it is intended that:
- CACF would acquire the 50% stakes in FCA Bank and Leasys Rent currently owned by Stellantis, on the understanding that these entities would continue to operate their financing activities with others carmakers primarily under existing and future White Label agreements;
- BNPP PF would operate financing activities (excluding B2B Operational Leasing) through JVs with Stellantis in Germany, Austria and the UK in order to become Stellantis’ exclusive partner for financing activities in these countries; and,
- SCF would operate financing activities (excluding B2B Operational Leasing) through JVs with Stellantis in France, Italy, Spain, Belgium, Poland, the Netherlands, and via a commercial agreement in Portugal, to become Stellantis’ exclusive partner for financing activities in these countries.
The relevant agreements could be signed in Q1 2022 upon completion of the information and consultation procedures with staff representative bodies regarding this plan.
The proposed transactions should be completed during the first half of 2023 once the required authorization has been obtained from the relevant anti-trust authorities and market regulators.
Société Générale is acting as financial advisers to Stellantis.