Banque PSA Finance, the vehicle finance arm of PSA Peugeot Citroen Group, has been authorised by the China Banking Regulatory Commission to open a representative office in Beijing.

Banque PSA Finance provides retail financing for purchasers of Peugeot and Citroën vehicles and wholesale financing for the two marques' dealers around the world.

The bank's loans outstanding totalled €18.7 billion at December 31, 2002. Worldwide, it financed more than 803,000 new vehicles during the year, while its total portfolio amounted to nearly 2,100,000 vehicles financed.

The opening of the representative office in China has helped to strengthen the PSA Peugeot Citroën Group's presence there and will support the local development of Peugeot and Citroën sales, the company said.

PSA Peugeot Citroën operates in China through Dongfeng Peugeot Citroën Automobile (DPCA), a joint venture formed in partnership with Dongfeng Motors. DPCA sold 86,200 Citroën cars in the first 10 months of 2003 and, next year, will launch a new 307-based model, specially designed for China.

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