After having entered into exclusive negotiations on December 17, 2021, Stellantis N.V. today announced the signing of binding agreements with BNP Paribas Personal Finance (“BNPP PF”), Crédit Agricole Consumer Finance (“CACF”), and Santander Consumer Finance (“SCF”) aimed at better organizing its current financial services platform in Europe.
Carlos Tavares, Stellantis CEO stated: “I am very pleased to confirm the signing of these agreements with our historical European banking partners. Our strategy is to better leverage our financial services arms, both in Europe and North America, with the aim to double our net banking income by 2030. The new platform is setting the scene to achieve this target and boost value creation across our financial services business.”
According to the firm’s sources, these agreements support the commitment of the financial services which is part of Stellantis Dare Forward 2030 strategic plan, and aim at:
- Creating a multi-brand operational leasing company in which Stellantis and CACF each hold a 50% interest, resulting from the combination of the Leasys and Free2move Lease businesses, in order to become a European leader, with a fleet target of around 1 million vehicles in 2026, and
- Reorganizing the financing activities through joint ventures set up with BNPP PF or SCF in each country to manage financing activities for all Stellantis brands.
Stellantis explained further that these 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.