Home Business Stellantis shoots + 3% on the Ftse Mib, from France rumor about rationalization of banking partnerships

Stellantis shoots + 3% on the Ftse Mib, from France rumor about rationalization of banking partnerships

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Acceleration in the afternoon for Stellantis which marks + 3.4% in Piazza Affari in the 17.42 euro area. From the French press today there are rumors about talks between Stellantis and the credit institutions BNP Paribas, Credit Agricole and Santander in order to rationalize relations with its banking partners who were connected to various brands of the group before the merger between PSA and FCA. According to reports from Les Echos, discussions are underway between the automaker and the banking groups to try to bring order to these partnerships without giving up on one of these partners, but by reorganizing the financial activities into a new entity.

In detail, Crédit Agricole Consumer Finance and Fiat Chrysler in 2015 had created FCA Bank with 50-50 ownership between the two partners and the agreement had been extended until 2024, specifying that the agreement will be automatically renewed, except in the case of sending a communication of non-renewal no later than three years before its end, ie by 2021. Banco Santander has instead an active agreement since 2014 with Banque PSA to create eleven joint ventures in Europe, while BNP Paribas in 2018 entered into part of the team by acquiring – together with PSA – the Opel Vauxhall captive financing team.

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