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EC clears acquisition of Opel/Vauxhall finance ops by BNP Paribas, Banque PSA

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EC clears acquisition of Opel/Vauxhall finance ops by BNP Paribas, Banque PSA

The European Commission approved the acquisition of Opel's and Vauxhall's financing activities by BNP Paribas SA and Groupe PSA.

The deal — part of carmaker Groupe PSA's acquisition of the two automotive brands from General Motors — sees each of BNP Paribas unit BNP Paribas Personal Finance SA and Groupe PSA's Banque PSA Finance SA acquire 50% of the share capital of Opel and Vauxhall's financing activities for a combined €900 million.

European banking authorities are expected to clear the deal during the second half, BNP Paribas said. The acquisition can be expected to be closed before the end of the year, added Banque PSA Finance CEO Rémy Bayle.

Opel's and Vauxhall's automotive financing operations are offered in 11 European countries and serve nearly 1,800 car dealers, with outstanding earning assets of about €9.6 billion at the end of 2016.