The agreement provides for the entry of BBVA into FCA Compañía Financiera, a Stellantis firm specialized in automobile financing in Argentina. The new joint venture transaction is subject to approval by the relevant authorities.
As part of this strategic agreement, BBVA announced that it will acquire 50% of FCA Compañía Financiera (FCA CF), an Argentine company 100% owned by Stellantis, that offers financing for retail customers and the dealer network of the Fiat, Jeep and RAM brands in the country.
The operation, with an estimated value according to the company’s balance sheet as of September 2024, is about 14,823 million Argentine pesosis subject to the approval of the corresponding supervisors in Argentina and the European Union, as well as the respective competition authorities.
The Stellantis Group is the result of the merger of the PSA Group with Fiat Chrysler Automobiles in 2021. The BBVA subsidiary in Argentina will thus add another ‘joint venture’ with Stellantis, given that it already has another cooperation agreement for the financing of vehicles for individuals and dealers of the brands Peugeot, Citroën and DS Automobiles.
“This operation reinforces our long-term commitment to Argentina and allows us to strengthen customer service in the financing of new cars in a market with great potential and with the help of Stellantis, a leader in the sector,” said Jorge Bledel, CEO of BBVA in Argentina. The agreement also offers new opportunities to boost customer acquisition from both individuals and SMEs.
The Argentine vehicle market at the end of November 2024 reached 370,000 units sold, which is far below its real potential, which is why a recovery of the automotive sector is expected in the medium and long term. According to BBVA Research estimates, Argentina presents GDP growth expectations of 5.5% for 2025, investment driven, the reactivation of private consumption and the forecasts for reducing inflation.
Source: Ambito
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