Bank of China Group Insurance Co., Ltd. has recently put a 50 percent stake in Dongfeng Peugeot Citroen Auto Finance Co., Ltd. (DPCAFC) up for sale on the China Beijing Equity Exchange with a tag of 328 million yuan ($48.02 million), revealed insiders.
It is the second time for the wholly-owned subsidiary of Bank of China to do so this year and the first time for it to do such a thing is in May.
PSA Peugeot Citroen has resumed negotiation with Harbin Hafei Automobile Industry Group Co., Ltd. over establishing a joint venture and is likely to reach an agreement with the latter soon.
The deal seems to incense Dongfeng Peugeot Citroen Automobile Co., Ltd. (DPCA), the sole partner of the French carmaker in China, as it did not show cooperative attitude on the latter’s acquisition of the aforesaid 50 percent stake.
Founded in June 2006, DPCAFC is a 50-25-25 joint venture among Bank of China Group Insurance, DPCA and PSA Finance Netherlands (PFN).