Groupe PSA and BNP Paribas have closed their joint acquisition of the financial operations of Opel and Vauxhall in Europe.

The deal was first announced in March, when the financial operations arm valued at €0.9bn. PSA Group’s acquisition of Opel Vauxhall from General Motors, worth €1.3bn, was completed in July.

With the deal for the financial services arm now completed, Groupe PSA and BNP Paribas have created a new automotive finance organisation, combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance.

Opel and Vauxhall’s financing operations provided financial services to 1,800 dealers in 11 European countries. Products offered included consumer loans, leasing and service contracts as well as dealer financing and insurance. Together, they represented around €9.6bn in total financing at the end of 2016.

Alexandre Sorel will lead the new organisation as chief executive officer. He is also a board member of Opel Bank SA and member of Banque PSA Finance Executive Committee. Sorel has worked at Groupe PSA since 1994, and was previously chief financial officer of Banque PSA Finance.

He will be supported by two deputy chief executive officers: Pascal Brasseur and Ed Paulat.

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Paulat is well known in the motor finance industry, and won Motor Finances Industry Ambassador award in 2016. He has been executive vice president in the U.K, Germany, Austria, Switzerland and Sweden at GM Financial International Operations since April 2013. In the same year, he was named managing director of Opel Bank in Germany, which he had been overseeing as Chief Operating Officer together with Austria and Switzerland, beginning in 2012.

Brasseur came from BNP Paribas Personal Finance, where he had headed the Retail Business Line since 2012. Prior to that he served at commercial director for Norther Europe.

This new management will present in 100 days its strategic plan with the support of Banque PSA Finance and BNP Paribas Personal Finance.

Sorel said: “We are now thoroughly committed, alongside all of the teams, to building the strategic plan with the clear purpose of improving the performance of the company’s businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers. Everyone’s involvement across the company is critical at this stage.”