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

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.

“The development of this automotive finance company is essential to the growth of the Opel and Vauxhall car brands. We are proud to be joining forces to create the conditions for growth and to work with the teams to write another chapter in the company’s history. Our complementary areas of expertise are a key asset for making this partnership a success,” concluded Alain Van Groenendael, chairman of BNP Paribas Personal Finance and Rémy Bayle, CEO of Banque PSA Finance