Banque PSA Finance: PSA Peugeot Citroën Announces New Financing
PARIS -- October 24, 2012
Regulatory News :
PSA Peugeot Citroën (Paris:UG) announces that the financing of the Banque PSA
Finance should be reinforced to the benefit of the Group, its customers and
the entire French automobile industry, including the dealer networks.
The Banque PSA Finance banking pool has been requested to provide a total of
€11.5 billion in cash facilities, of which €1 billion in additional liquidity.
The main credit facilities have been renegotiated, with drawdowns possible
over the full 2013-2015 period.
At the same time, the French State has announced its intention to provide up
to €7 billion in refinancing guarantees for new bond issues, with drawdowns
over this same 2013-2015 period. A guarantee monitoring committee comprising
representatives from the State and the Group will be set up.
These steps complete the other measures already taken by the Group, following
the credit rating evolution of PSA Peugeot Citroën, to strengthen Banque PSA
Finance’s funding capacity, including:
*An increase in the securitization programme from 18% to 30% of total
assets, including ECB repo-eligible assets.
*The early-2013 introduction in France of a passbook savings account for
Banque PSA Finance, a wholly-owned subsidiary of the PSA Peugeot-Citroën
Group, is a profitable bank with a core tier-one capital ratio of 13%. As of
end-September, its liquidity reserve exceeded €7 billion, ensuring more than
six months cash visibility. It is not engaged in any proprietary trading
activities. In 2011, it provided financing for 843,810 vehicles for retail
customers. The loan book stood at €24.3 billion, of which €6 billion in
wholesale dealer financing, for recurring operating income of €532 million.
PSA Peugeot Citroën - 75 av. de la Grande Armée - 75116 Paris
Jonathan Goodman +33 (0) 1 40 66 47 59
Pierre-Olivier Salmon +33 (0) 1 40 66 49 94
Jean-Baptiste Mounier +33 (0) 1 40 66 54 22
Carole Dupont-Pietri +33 (0) 1 40 66 42 59
Olivier Sartoris +33 (0) 1 40 66 43 65
Christophe Fournier +33 (0)1 40 66 57 45
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