Banque PSA Finance, one of the first captive carmaker finance companies to be authorised to conduct banking business in Russia, expects to offer finance to local Peugeot and Citroën dealers plus loans and leasing to individual and corporate customers within weeks.
It received its banking licence from the Russian central bank on 31 December. The licence was the green light for the launch of Bank PSA Finance RUS, the 98%-owned Russian banking subsidiary acquired from AIG in September 2009.
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After increasing market share in Russia by 0.8 points to 2.9%, PSA said 2010 would be a landmark year for the group’s development in the emerging market with the start of vehicle assembly at its new Kaluga plant scheduled for March.
“With this new initiative,” said Banque PSA Finance’s chief operating officer Philippe Alexandre, “Banque PSA Finance will contribute to achieving PSA Peugeot Citroën’s objective of becoming more global.”
