Jean-Martin Folz, Chairman of PSA Peugeot Citroën, Liu Weidong, Chief Executive of Dongfeng Peugeot Citroën Automobiles (DPCA), and Li Lihui, President of the Bank of China, have signed a letter of intent to create a cooperative automobile financing venture that will partner Banque PSA Finance and DPCA with the Bank of China. The signing at the Palace of the People in Beijing was attended by Republic of China President Hu Jintao and French President Jacques Chirac.

The purpose of the agreement is to provide financing solutions for the Dongfeng Peugeot and Dongfeng Citroën dealer networks as well as for the two marques’ customers. In this way, PSA says the agreement will support PSA Peugeot Citroën’s development in China, where the Group operates through DPCA, an equally owned joint venture with its industrial partner, Dongfeng Motor.

After two years of sales growth in China with the Dongfeng Citroën marque, DPCA is currently benefiting from the re-launch of the Peugeot marque in the country and the rollout of the Peugeot 307.