Sale of GM Europe’s Financial Operations Okay’d by European Commission

The European Commission has blessed the acquisition of Opel and Vauxhall’s financial operations by Groupe PSA and BNP Paribas. 

Initially announced in March of this year, General Motors and PSA have been negotiating for months regarding future development work, pension obligations and the number of GM Europe employees which will remain post sale.

Banque PSA Finance and BNP Paribas Personal Finance will absorb the lending and financial operations of GM Europe. Now that the European Commission has approved the deal, the last remaining hurdle is the approval of European banking authorities, which is expected shortly.

“Teams are now concentrating on fulfilling the remaining conditions necessary to close this deal, which is expected to be achieved before the end of the year“, Rémy Bayle, Chief Executive Officer of Banque PSA Finance told Auto News Europe.