Santander Consumer Finance UK and Banque PSA Finance UK have launched PSA Finance UK, a joint venture owned on a 50-50 basis between the two companies.
Negotiations for the agreement began in February 2014, and a Central Framework Agreement was signed on July 10 2014 between the two companies.
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PSA Finance UK will offer funding across the Peugeot and Citroen dealer network as well as retail funding options for end customers.
Cruciano Infosino is to lead the newly formed company as chief executive officer. He said: "Utilising the high levels of expertise across both companies we will deliver high quality products at competitive prices to our large number of customers. This will enable us to enhance our support to the strategic growth objectives of Peugeot, Citroën and the DS range in the important UK market."
Vik Hill, managing director of Santander Consumer Finance said: "This long-term partnership with Europe’s second largest auto manufacturer is the next step strategically for Santander Consumer UK, given our existing strong partnerships with other major manufacturers, and we look forward to working closely with Banque PSA Finance in this joint venture."
A partnership between Santander and Banque PSA has launched in France as well as the UK. According to a statement, a similar arrangement between the two companies is to roll out across several other European markets, including Germany, Spain and Italy, before the end of 2016.
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