By acting together as captive finance provider for all the brands of the automaker in Belgium, France, Italy, the Netherlands, Poland, Portugal, and Spain, the two companies will continue to offer high-quality services to dealers and customers.
Consequently, Santander Consumer Finance will strengthen its leading position in the European auto finance market and consolidate its position as Stellantis’ key financing partner.
By 2026, Stellantis wants to increase its outstanding portfolio by 33% to €40 billion.
In seven European countries: Belgium, France, Italy, the Netherlands, Poland, Portugal, and Spain, Santander Consumer Finance has restructured its agreement with Stellantis to finance all the automaker’s brands.
The successful partnership, which was established in 2014 to finance Peugeot, Citroën and DS vehicles, has now been enhanced with the addition of Santander Consumer Finance and Stellantis performing joint captive finance operations for private customers in all the brands of the automaker: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Opel, Peugeot, RAM and Vauxhall. As part of the transaction Santander Consumer Finance will sell its stakes in PSA Bank Deutschland GmbH (including its Austrian branch), and PSA Finance UK Ltd to BNP Paribas Personal Finance.
With the reshaped agreement, Santander Consumer Finance will consolidate its position as Stellantis’ main financing partner in terms of the value of the outstanding portfolio, aiming to reach €40 billion from Stellantis’ brands by 2026, an increase of 33%. In addition to strengthening its position in the European auto finance market, Santander Consumer Finance plans to add a significant number of auto brands to its existing captive finance business.
Once the required approvals have been obtained from the relevant competition authorities and market regulators, the transaction should be completed in the first half of 2023.