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Chris Bosworth comments on the strategic partnership announced by PSA and BNP Paribas PDF Print E-mail
Monday, 06 March 2017
Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the strategic partnership announced by PSA and BNP Paribas for the Opel and Vauxhall acquisition: “There have long been rumours in the market that BNP Paribas were looking to enter the motor finance market in the UK – clearly, today’s announcement of a strategic partnership with the PSA Groupe could provide a good platform for them to do this. Certainly, it is interesting that the Banque PSA didn’t buy the business wholly on its own, as managing such a joint venture is not without its challenges. This is why, historically, manufacturers have tended to either stick with a captive finance house or use a bank as captive. Also of note was the valuation of 0.8x book value, which would indicate that the book isn’t particularly profitable. Given that BNP Paribas will need to fully consolidate the entity it’s hard to see how this will be value accretive for their shareholders, unless they can leverage the platform to really grow in the market through other channels.”   
 
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