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- ESSOX to acquire PSA Finance in the Czech Republic and Slovakia
ESSOX to acquire PSA Finance in the Czech Republic and Slovakia
Prague, 12 April 2016 – Komerční banka, a.s., with its registered office at Na Příkopě 33/969, 114 07 Prague 1, registration No. 45317054, entered in the register of companies maintained with the Metropolitan Court of Prague, section B, file No. 1360 (Komerční banka), announces that its subsidiary ESSOX s.r.o. signed today agreements to acquire 100% ownership stakes in PSA FINANCE ČESKÁ REPUBLIKA s.r.o. and 100% stake in PSA FINANCE SLOVAKIA, s.r.o. from members of Banque PSA Finance, based in Paris.
The transactions are subject to approval by the Office for Protection of Competition in the Czech Republic, the Anti-Monopoly Office of the Slovak Republic and the National Bank of Slovakia.
Both acquired companies provide financing to customers and dealers of cars Peugeot, Citroën and DS in the Czech Republic and Slovakia. Financial services are offered under the brands CITROEN FINANCIAL SERVICES and PEUGEOT FINANCE. ESSOX obtains also a five-year exclusivity to finance retail and wholesale activities of all dealers distributing the three brands of PSA in both countries.
„This acquisition is a unique opportunity to bring together the expertise and leadership of ESSOX on car financing with the experience and know-how of PSA Finance teams in the Czech Republic and Slovakia. It will enable us to deliver to all PSA car dealers and endcustomers a full range of financing and insurance solutions and build a platform ready for fulfilling our ambition to grow in the field of car financing."
Following the contemplated acquisition, ESSOX will provide the future importer and dealers of the PSA brands with the full range of financial products and services including consumer financing, financial and operative leasing and insurance.
As of 31.12.2015 the loans portfolio of PSA FINANCE ČESKÁ REPUBLIKA s.r.o. was CZK 2.8 billion and the volume of financing outstanding at PSA FINANCE SLOVAKIA, s.r.o. was EUR 64.3 million. This transaction will have a slight negative impact, below 20 bps, on the Core Tier 1 capital ratio of Komerční banka.Komerční banka and ESSOX will post additional information about this transaction after its completion.
ESSOX s.r.o. is one of the most significant non-banking providers of financial services in the Czech Republic. It is on the market since 1993. Komerční banka holds 50.93% share in ESSOX, remaining part of 49.07% is in possession of SG Consumer Finance a member of the Société Générale group.