PSA – Santander financing deal up in 2015 image

PSA Peugeot Citroen has been swelled by news this past few months, some good and some definitely bad, but the troubled European carmaker is striving to turn around its business.

Aside from reporting the losses of 2013 and officially announcing the much debated and reported 3 billion euro ($4.1 billion) capital increase tie-up that would see China’s Dongfeng and the French state get a 14% stake in the company worth 800 million euros, the French company also has an ongoing finance deal.

Spanish bank Banco Santander has officially announced it would aim to complete and sign a consumer financing deal with PSA Peugeot Citroen in the second half of 2015. PSA also announced the same day it’s currently in exclusive talks with the company.

“As an exception, in a few markets, Santander would buy part of the loan book currently owned by Bank PSA Finance,” it said in a statement.

The negotiated deal, still in the works, would have Santander covering 11 European countries, while also allowing it to tap expansion to new markets like France, as it would have local partnerships with PSA’s financing arm.

Via Reuters