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Santander initiates car finance operation in France
February 2, 2015 / 5:31 PM / 3 years ago

Santander initiates car finance operation in France

MADRID, Feb 2 (Reuters) - Santander’s consumer finance unit on Monday said it had finalised the deal to buy 50 percent of Banque PSA Finance, the car finance business of Peugeot Citroen, after getting the green light from regulators to operate in France.

The combined French car finance business has about 8 billion euros ($9.08 billion) in assets, Santander said, adding the acquisition would have an impact on Santander Consumer Finance’s capital of about 70 basis points. The venture has been renamed Societe Financiere de Banque in the country.

The Spanish bank said the business would start operating in other European countries throughout 2015 and in early 2016 as soon as regulatory approvals came through.

$1 = 0.8815 euros Reporting by Sarah White, Editing by Sarah Morris

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