- Creation of a new automotive finance organisation for Opel and Vauxhall.
- The new organisation will benefit from the experience of Banque PSA
Finance and BNP Paribas Personal Finance’s expertise in the field of
finance offers through an exclusive partnership with the Opel and
Vauxhall brands.
- New organisation led by Alexandre Sorel, (Banque PSA Finance), CEO
supported by deputy CEO Pascal Brasseur (BNP Paribas Personal Finance)
and Erhard Paulat (Opel Bank).
- Strategic plan to generate profitable, agile growth will be presented in 100 days.
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Finalization of the acquisition of Opel and Vauxhall financial operations by Groupe PSA and BNP Paribas |
Groupe PSA and BNP Paribas today announced the closing of their joint acquisition of the financial operations of Opel and Vauxhall, announced on March 6th.
The new organisation combining the existing brands Opel Bank, Opel
Financial Services and Vauxhall Finance is created. It will benefit from
the combined expertise of financial captive Banque PSA Finance and
automotive finance specialist, BNP Paribas Personal Finance to more
effectively serve Opel and Vauxhall dealers and customers.
Opel and Vauxhall's financing operations are an essential element of
the commercial performance of 1,800 dealers in 11 European countries.
They provide a comprehensive range of auto financing products, including
consumer loans, leasing and service contracts as well as dealer
financing and insurance. Together, they represented around €9.6 billion
in total financing at end 2016.
Alexandre Sorel, Chief Executive Officer, Pascal Brasseur and Erhard
Paulat, both Deputy CEO, will take over the management of the new
organisation.
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From left to right: Erhard Paulat & Pascal Brasseur, Deputy CEO & Alexandre Sorel, CEO of the new organization |
This new management will present in 100 days its strategic plan with
the support of Banque PSA Finance and BNP Paribas Personal Finance. The
objective of the plan is to accelerate the development of the entity,
and to offer the most competitive offers to customers of Opel and
Vauxhall.
Commenting on the transaction, Chief Executive Officer Alexandre
Sorel said: "We are now thoroughly committed, alongside all of the
teams, to building the strategic plan with the clear purpose of
improving the performance of the company's businesses and the
competitiveness of our financial solutions for Opel and Vauxhall
customers. Everyone's involvement across the company is critical at this stage."
"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, Chief Executive Officer of
Banque PSA Finance
For further information about the new executive team
Alexandre Sorel
CEO
Alexandre Sorel (46) is the CEO of the new organisation, board member
of Opel Bank SA and member of Banque PSA Finance Executive Committee.
Through several experiences within Groupe PSA from 1994 to 2017,
Alexandre Sorel has a deep knowledge of the automotive industry as well
as of the banking sector. He was previously CFO of Banque PSA Finance.
Prior to that position, he held several positions in Groupe PSA, on the
OEM side as in the auto finance business.
Alexandre Sorel holds a MBA from Neoma Business School, Reims (France).
Pascal Brasseur
Deputy CEO
Pascal Brasseur (49) has been Head of the Retail Business Line at BNP
Paribas Personal Finance since September 2012. Pascal served as
Commercial Director beginning in 2009 for Northern Europe (UK, Germany,
Belgium, Netherlands, Switzerland, and Norway). Prior he was General
Manager of BNP Paribas subsidiaries in France specialized in Mortgages
and Debt Consolidation. Prior to that, he held leadership roles in the
financing area. He joined BNP Paribas Group in 1992, and began his
career in Spain.
Pascal Brasseur holds an MBA from ESCP Europe.
ED Paulat
Deputy CEO
Erhard (ED) Paulat (48) has been Executive Vice President, U.K.,
Germany, Austria, Switzerland and Sweden at GM Financial International
Operations since April 2013. In the same year, he was named Managing
Director of Opel Bank in Germany, which he had been overseeing as Chief
Operating Officer together with Austria and Switzerland, beginning in
2012. Ed Paulat served as Managing Director U.K. beginning in 2007, and
assumed responsibility for Sweden in 2010. Prior to that, he held
leadership roles on three continents and in various areas, including
audit and commercial credit. He joined the company in 1992.
Ed Paulat holds an MBA from Henley Management College, U.K.