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PSA and BNP Paribas close acquisition of Opel-Vauxhall financial ops

Opel and Vauxhall’s financial operations have now been hived off into a new automotive finance company, jointly owned by PSA and the French bank BNP Paribas.

Alexandre Sorel, CEO, Pascal Brasseur and Erhard Paulat

Alexandre Sorel, CEO, Pascal Brasseur and Erhard Paulat

The move forms part of PSA’s acquisition of the carmaker, which closed three months ago today.

The new automotive finance organisation combines the existing Opel Bank, Opel Financial Services and Vauxhall Finance brands, which cover consumer loans, leasing and service contracts as well as dealer financing and insurance.

The organisation will be led by CEO Alexandre Sorel, previously of Banque PSA Finance, supported by deputy CEOs Pascal Brasseur (BNP Paribas Personal Finance) and Erhard Paulat (Opel Bank), with a strategic plan on generating profitable, agile growth to be presented in 100 days.

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Natalie Middleton

Natalie has worked as a fleet journalist for nearly 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day.