STLA Stellantis NV

By Adria Calatayud

Stellantis NV said Tuesday that it is launching a new structure for its financing and leasing services in Europe under the Stellantis Financial Services and Leasys brands.

The European car maker said Banque PSA Finance is being renamed Stellantis Financial Services and that it will operate as a unified cluster of financing companies in partnership with BNP Paribas SA's personal-finance arm and Banco Santander SA's consumer-finance unit.

Stellantis said its European leasing operations will be housed under the Leasys brand, a 50/50 joint venture with Credit Agricole SA's consumer-finance operations following the combination of Leasys and Free2move Lease. Credit Agricole Consumer Finance has acquired the 50% stake in FCA Bank Group that was previously owned by Stellantis, the car maker said.

Antitrust authorities and market regulators have approved the various transactions, Stellantis said.

The company had previously said it aimed to double net banking income by the end of the decade as part of its strategic plan.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 04, 2023 03:19 ET (07:19 GMT)

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